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FI NANCI ALTI M ES 


lor CONSTRUCTION 


No. 27,620 


Wednesday July 26 1978 


***15p 


■ VSB 

137* 


Thwaites 

Alldrive 5 ton GiANT. 


I Thwates , .laiSHT 
EngineennRCo Ltd,* 

• •— lSpa. 


T«: 0926-22471 




— * U5TK . “ X5t — ^L_ 2St PgNWARK Kr 3.S; FRANCE TV 3,0; GERMANY DM 2.0; ITALY L SM; NETHERLANDS FI 2.0f NORWAY Kr J.S: PORTUfiAL B* 20; SPAIN Pta 40; SWEDEN Kr 3.ZS: SWITZERLAND Fr 2.0; EIRE ISp 



JERAL BUSINESS 

inisterYen still 
ttacks strong; 

foolish* su § ar 
ecall price dips 



i. Shirley Williams, Ednca- 
i Secretary, arrived In Lon- 
i and called the decision to 
all her from a visit to 
na "very foolish.” She is 
-ded to vote on the Govern- 
nt*s dividend restraint 
asures. 

he said: “My visit to China 
; in the national interests, not 
the party's interests. It was 
great importance to the 
ntry." 

[rs. Williams said that normal 
ring arrangements had been 
de before she left but a Con- 
trive whip had told her there 
id toe “some difficulty.” 

cott: Police 
isit Steel 

. David Steel, Liberal leader, 
s interviewed at the House erf 
mmons by police investigating 
• Norman Scott affair. Mr. 
•el had passed on to them a 
ler be received from Mr. Scott. 
Police are investigating an 
eged plot to kill Mr. Scott, 
to claims he had a homosexual 
lationship with Mr. Jeremy 
-.orpe. former Liberal leader, 
a . Thorpe has always denied 
.•claim. There is no suggestion 
any involvement on Mr. 
sells part. 

iispute spreads 

•eiidi air traffic controllers will 
irt a nationwide work-to-rulo 
} Friday, thus extending their 
sputa in support of demands 
r better pay and conditions, 
itil now, only controllers in 
ulb and west France have been 
irking tu rule. Back Page 

srael hopeful 

•ael still believes that fresh 
aec talks can begin with Egypt 
r»y next month in spite of 
dro's apparent retraction uf an 
rlier statement saying Egypt 
udd attend talks hosted by Mr. 
tus Vance. UJ5. Secretary of 
ate. Page 3 

Tison charges 

•j assistant governor and 12 
ison officers at Hull prison have 
■en served with summonses 
icgiog conspiracy to assault 
isoners. Police action follows 
i inquiry Into a riot at the jail 
1976. 

appeal to Tories 

r. John Davies. Shadow 
- .arcign Secretary* is trying to 
\ S,i‘* ,ile tfl ° Torics over Rhodesia. 

^ 3*‘'c argued at a meeting of back- 

?nchers that an internal party 
r / *i *’ ;,W over sanctions would be 
-vil. iJi *‘iintIcss with Rhodesia facing 
* .mnomic and military disaster. 
? \ tV a&c 7. Rhodesia's deteriorating 
. *‘ l ‘'.xuioniy Page 12 

, v : >J)i£>isaster theory 

’ '■'/ K # he most likely cause of the 
aunton train fin* disaster, in 
' 7 , * hu-h 11 people died, was that 
1 - ’ '**» ags ot linen stacked against a 
. ~f C eater in a sleeping car caught 
) • • \ tV re. a chief fire officer told the 
' ' 'aunton inquiry. 

.ow Marx 

:o Soviet teachers have been 
nested for taking bribes from 
udents. Teachers at a college 
Tashkent are said to have 
'en paid 55 roubles (about £42) 
give passes in a course on 
scientific communism." 

briefly - . - 

resident Tito of Yugoslavia has 
• arned non-aligned countries 
hnut the dangers of Soviet and 
'.uhan involvement in Africa, 
lealth Sendee cost £5.7bn a year 
1123 per head of population. 

he EEC has urged the U.S. to 
ft us arms embargo against 
urkey. 

ohn P. Mackintosh. Labour MP 
or Berwick and East Lothian, is 

1 seriously ill ‘‘ with a respira- 
ory illness. 

U rated forces recruitment for the 
Ifirst (our months of the ^ year 
shows a net loss of nearly 5,000. 
.Portugal's top security jail, from 
which 124 men escaped recently, 
is to be -dosed f or improvements, 


EQUITY interest centred on 
secondary stocks and potential 
takeovers an dtbe number of 
bargains marked was the 
highest since May. The FT 
ordinary Index rose 1.5 to 485.4. 

• GILTS reacted to interven- 
tion by the Government broker, 
and the Government Securities 
index fell 0.08 to 7L07. IN- 
VESTMENT CURRENCY rates 
continued to fall, and the rate 
closed 3} points down at 90}.. 

• STERLING fell 10 points to 
$1.9265 and its trade-weighted 
Index fell to 62.8 (63.0). The 
dollar improved against most 
currencies except the yen 
where it touched record low, 
and its depreciation widened to 
8.6 per cent (8.4). Back Page 

• GOLD fell to $1S4| in 
London. 

• SUGAR prices were forced 
down to the lowest level for five 
years with the London Daily 
Price at £81 a tonne. The U.S. 



is to impose a special duty oil 
imports from the EEC follow- 
ing reports that the Community 
is subsidising sugar exports to 
the U.S. Page 21. 

• WALL STREET was 2.34 up 
at 833.94 jnst before the close. 

© STANDARD LIFE, the largest 
mutual life company in the EEC 
is transferring its Canadian busi- 
ness to Manufacturers’ Life 
Insurance in a C$1.5bn deal. Back 
and Page 5 

49 COMMERCIAL users may face 
increases In water charges out 
of proportion to the services they 
receive under rationalisation of 
charges by regioaal water 
authorities, a National Water 
Council report has warned. Page 4 

0 EEC has been urged to clamp 
down on steel exports from 
Comecon countries. Page 2 

0 HOLLAND is to raise its bank 
rate by l pet cent to 44 per cent 
today. 

• GENERAL MOTORS is allocat- 
ing another £5m to its UK motor 
components manufacturing busi- 
ness. Page 5 





CHIEF PRICE CHANGES 

(Prices in pence unle.ss otherwise 
indicated) 

RISES , , 
Treasury 15ipe ■98..^J23J ■ 

Bambcrs Stores JJJ t - 

Bibby (J.) gg t 2 

Blue Circle - T U 

Bourne Hollingsworth 200 + W 

Gombcn Group X " 

Combined Eng. Stores 104 + 3 

Glaxo 

Harris (Philip) t 

Leigh Interests 1*0 + 

ML UldRK. -•• ”g J S 

Marurthys' Pharm. ... « y i 
Magnet* Southern'! 2Ujj + 9 

Mills and AUeU -r fi 

Moss Bros Jg l j • 

Ro wnt rco Mackintosh 403 + S 


LABOUR 

• NUPE and the General and 
Municipal Workers' Union have 
both expressed opposition to the 
Government's proposed 5 per- 
cent general wage limit for Phase 
Four. Page 6 

• TG1VU has pledged itselE to 
work to secure an end to casual 
labour in cargo handling, follow- 
ing the Government’s dereat m 
the Commons over the dock 
L abour Scheme. Page 6 

COMPANIES 

• DAVY. INTERNATIONAL 
second half profit of £16.Bm 
(£11.49m) brought pre-tax profits 
for the year to March 31 to a 
record £25.29m (£18.78m). Page 
14 and Lex 

• NATIONAL wraTKnNSTER 
Bank announced first half pre- 
tax profits Of £lOS.6m after 
increased volume and a tecbnirai 
reduction In provisions againat 
bad debts had enabled the 

to offset increased costs and 
eroded margins. Back, Page « 
and Lex. 

YESTERDAY ^ lt 

Siebe Gorman t 1° 

Taylor Woodrow ... 3.4 + J 
Tunnel B 32 j.’w 

Ward and Gojdstone 89 + J 
Warinc and GUlow — T s 
Whitehouse |G.) — T 1S 

LASMO “Ops" I Jo 

Guthrie SIS' 

Jltra ' 0 

falls __ 

Boustead _ 2 

English Property 

Ingram (H.) Si _ 

NatWest 

BllffdS firli" 384 — 10 

De Beers Dfd. Si _ g 

President Stem ---• gj _ || 

Si. Helena fi? _ V 

Vaal Reefs »„■ i _ | 

West Drie. • s&w< 


Tories shaken by 
fierce Callaghan 
attack on Thatcher 

BY PHILIP RAWSTORNE 

Mr. James Callaghan yesterday effectively opened his preelection campaign 
party 2 sca thiiig attack on Mrs. Margaret Thatcher's leadership of the Tory 

3ubilai l t L 3h our Pointing to Mrs. Thatcher’s moderation is exercised in divi- 
MirfiG^^LV^L^ 10 ^’ 3E X ime 5tand 011 immigration and other dend paymenis.'’ 

2S£? at tl ? e ,T or y issues, he concluded: “ Prejudice Mrs. Thatcher, struggling to 

leaders policjes of prejudice, and dislike is no substitute for regain political ground, hit back 
Mrs. Thatcher responded with policy.” attgrfrine Thu r.nvpmmpnt'K 

f nd faltering speech in the same aggressive mood black-listing of companies which 
confidpnep t0 ' reVlVE ^ ones Prime Minister dismissed the failed to observe the guidelines 
.... „ “faint hearts'* who predicted as “White Paper law by dicta t, 

0131 Government's Phase arbitrary and secret ” 

ToJ? motain? F °r^ pay P? Ufi y would not work. MmThatcher said that the 
derisive LaboSr^ries^f^Mnr^ The ** p l r w - j Proposed dividend controls would 

Ejfv- Thayohl* ? n l w ® r to t 1 ™ 8 * bit members of pension funds 

sat dowiT M ^' ThatCher mflation would be back in double ^ holders of insurance policies 

sat aown. figures nest year. The Govern- the hardest. ^ 

,, T °ry. lhat ment believed it had a duty to cjj e condemned the 5 ner cent 

tiie Prune Minister had success- indicate guidelines for pay and guideHnes as tDO rKd if could 
fully seized the political inltia- 5 per cent was the figure most ESS «“ unt o vlnin^nn 

W l^ely to maintain living SSoToTSf ilS5.TSS?VS 


he arson 3 ^f « een ]ytasf iS ^ijucher^ BtMdirt> 3113 hC,p e “P l0 ^ ent - company profits an? did i of pro- 
General Election campaign. 


Mr. Callaghan contrasted the 
firmness of the Government's 


Dividends 


vide enough flexibility to restore 
differentials. 

1 don’t think we shall get the 


count er-i nflation poUcy wi th th e The Government would con- increased production and pros- 
unceminlies of the Tory thme to use its discretionary penty^wtaeh we ail want by this 
approach. powers to support the policy. _ 

“There is no Opposition policy The number of cases in which 
worthv of the name" he asserted, action had been necessary in the .JJ® ^. a,ls ' 

“ There is only one occasion on past year bad been infinitesimal *ISSS^SSo\iSi SJm? t SL 
which it speaks in unison— that compared with the number of ^vejiaxrtajning, J* “ *>*► 
is on a pay grienvance from settlements within the guide- H?H r fS!. rewanls for skJ afld 
which it hopes to extract some lines, but it had operated as a , bctw ___ lihprtv 

de K, eram e« ™ ■ggSggJffiS 

ship was to “find a rolling hand- determined to introduce its dlvi- be en b Sm oT envy andThostih?? 
wagon and jump on it as soon as dend control Bill. “It would be “{gj drab period iThop£ 
possible," quite wrong when we are asking . Jg* "3* hroueC S an end P A 

She had “insulted the intelU- working pedple to exercise “-5JL 

gence of the British people with moderation on pay in the year SSitvcSnS come too* soon^ C 
one sentence solutions to deep- ahead to fail to do everything Hwtty cannot come loo soon. 

seated problems." in our power tto ensure that Parliament Page 7 

Ezra warning as coal 
board surplus falls £6m 


BY JOHN LLOYD AND ROBIN REEVES 


THE National Coal Board 
showed a surplus of £20.4m for 
the year ending-, in March, down 
£6.8m on tbe previous year. Sir 
Derek Ezra, chairman, gave a 
warning of increasing difficulty 
for the industry's financial pros- 
pects while the improvements in 
productivity expected from the 
incentive bonus , scheme re- 
mained disappointingly low. 

The trading profit was £1 08.7m 
compared with £109.8m last year. 
Much of the decrease in the net 
profit was because of increased 
interest charges. 

Tbe board failed to meet its 
target of being 50 per cent self- 
financing bv a wide margin. It 
has retained £126.8m for growth, 
which is only 37.5 per cent of 
its total capital expenditure of 
£334m. This compares with a 
level of 44 per cent last year. 

The area showing by far the 
heaviest loss was south Wales, 
with a deficit of £27m. almost 
double last year's loss. Mr. 
Philip Weekes, area director, 
said this could force further pit 
closures. , . , , 

Sir Derek said the Industry 


faced a “demanding task In 
maintaining viability." Capital 
investment still would continue 
to Increase. Next year’s level 
would be about £450m. 

Domestic coal prices would rise 
by 15 per cent from November 
will lead to expansion and greatc 
after 13 months of stability. 

Sales of coal to the board's 
largest customer, the electricity 
boards, stood at a record level 
of 75.7m tonnes, coalburn in 
power stations — which includes 
foreign and other coal — was at 
the record level of 77.7m tonnes. 
However, in the second half of 
the year, the burn decreased 
because of a reduction in coal’s 
price advantage over oiL a slow- 
down in the rate of electricity 
growth and unofficial industrial 
action in a number of coal-fired 
power stations. 

After the agreement in March 
to limit the price increase in 
power station coal to 10 per , cent, 
the board agreed in principle 
with the Central Electricity 
Generating Board that it would 
take 72m tonnes over the current 


year, bringing tbe total sales to 
the generating board and the 
Scottish board to more than 80m 
tonnes. 

Sir Derek said that amicable 
dispussions with the generating 
board and the Government were 
going on aimed at securing a 
higher level of coal-burn, since 
much of the increased tonnage 
was being put to stock. 

• Michael Lafferty adds: The 
coal board has not complied with 
tbe Hyde Inflation accounting 
guidelines in its latest annual 
report on the grounds that they 
are only interim proposals. 

This policy conflicts with 
action at British Steel Corpora- 
tion, which published the supple 
ment ary Hyde figures, and also 
differs from the controversial 
method followed by British Gas 
Corporation and tbe Post Office 
in their main accounts. 

Both of these organisations 
reduced their historic cost profits 
by making supplementary depre- 
ciation charges to compensate 
for the effects of inflation. 

Details Page 5 


English Property ends bid talks 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


BID TALKS for Britain’s second 
largest property group have 
broken down. At a Board meet- 
ing yesterday English Property 
Corporation’s directors finally 
abandoned the two-month long 
takeover negotiations with the 
Dutch property group NV Beleg- 
ging&matschapplj Vlereldhave. 

In a statement issued yester- 
day Samuel Montague, English 
Property's advisors, said the 
negotiations had now been 
ended. „ t . 

During the course of the last 
two months the Board of EPC 
. . . have carefully considered a 
number of different proposals all 
or which, in the unanimous 
opinion of the .Board and its 
advisers, have in the event 
proved - either insufficient in 
amount or unsatisfactorily in 
form," Montague said. 


English Property's shares, 
which have followed the course 
of bid rumours in recent weeks 
to a new “high" for the year of 
51p, fell 9p to S7p on tbe news. 

Mr. David Llewellyn, the cor 
poration’s chief executive, said 
that after eight weeks talks, “we 
had got to call a halt" 

Now that the talks were over, 
the close investigation of the 
group's £702m portfolio carried 
out during the negotiations had 
reaffirmed the. Board's confidence 
in the future. The group was 
now back to business as usual. 
The unsuccessful bidder had 
never been named during the 
discussions. 

■ But Wereldhave. backed by 
tbe financial muscle of one ' of 
Holland's top two banks, Aige- 
mene Bank Netherland NV, and 
advised by Morgan Grenfell, is 


known to have been English 
Property's suitor, offering at 
various times a range of part 
cash, part sterling-guilder con- 
vertible stocks for the British 
group. 

In a separate statement issued 
shortly before English Property’s 
announcement the group's major 
shareholder. Eagle Star 
Insurance, commented that 
reporta, “regarding a division of 

opinion within the Eagle Star 
Board over English Property's 
bid negotiations are misleading 
and totally untrue." 

, Both companies denied market 
suggestions of a rift over future 
policy at. English Property and 
over the question of any man- 
agement changes at the group 
following the breakdown of the 
bid talks. 

News Analysis Page 16 


CONTENTS OF TODAY'S ISSUE 


European news * 

American news - 

Overseas news 3 

World trade news 4 

Homo news— general s 

— labour 6 

— Parliament ... 7 


Technical page 8 

Management page ,.v 9 

Arts page 11 

Leader page 12 

UK Companies 14-16 

Mining 16 


JntL Companies - 17-29 

Euromarkets 17 

Money and .Exchanges 19 

World markets 20 

Farming, raw materials ... 21 

UK stock market 22 


Rhodesia's economic retreat 12 

Chipping in on an engineer- 

• log revolution 12 

Profit sharing in Holland ... IB 


FEATURES 

Manpower shortage threat 
to Comecon economic 
■ growth ........................ 


How South African traders 
avoid Dffiddle East boy- 
cotts 4 

Pakistan . White Paper 
accuses Bhutto 3 


JUHwhiimedtF 

Sack Rate* — 

BUS. Sac. Rate* ... 

Crftcsawti 

'Eatenafnmutt GaMt 

EtrrooMB Opii. 

FT-Actwtei te 4 lw* 

Cantcnhw — ■ 


S 

U 

Iff 

20 

is 

u 


Letter* «... — 

Lo( _ . , 

LWHfiard — 

Mu and Matter* 
Mnnr Martct ..... 

Racing 

Salwscm 


13 SUCK Each. Report 22 

26 TwUr*s Brants 13 

10 • TV and Radio « 

12 Unit Tntsts 23 

19 IHTERIM STATE ME errs 

Iff Hewoftt Much. U 

S Bakers Sin- (Leeds) . 3 s 

J toner E*tnindi ..... 10 


Share dtfornuBion — as 

For latest Share Index ’phone 01-246 8026 


Leva'll CHOU U 

FBattehd Invest- ... Si 

ANNUAL STATEMENTS 
■wco rie Madrid ... 1* 

bnp 17 

Scan, and HewcasUa 15 

Swung lads. Ltd. U 


Navy will 
free 
blacked 
submarine 

By Philip Bassett, Labour Staff 

THE ROYAL NAVY will today 
break the blacking by 
industrial civil servants of_the 
Polaris submarine mMS 
Revenge, which has been un- 
able to leave its Clydeside base 
because of industrial action 
over a Phase Three pay claim. 

Mr. Fred Mulley. Secretary’ 
for Defence, announcing the 
move yesterday in the 
Commons, said the dockyard 
would be closed “temporarily 
In the interests or safety" to 
all but specialist staff from 
today until the submarine is 
loaded. 

Workers at the Faslane sub- 
marine base on the Clyde, who 
regard the move as a lock-out 
by tbe Government, voted to 
hold a 24-hour sit-in i( the 
navy tried to take the Revenge 
to sea. Earlier workers at 
three submarine bases 
rejected an official attempt by 
the Transport and General 
Workers' Union to end the 
blacking. 

Mr. Mulley spoke of his 
hopes for an early settlement 
to the dispute but assured the 
Commons that there had been 
no impact on essential defence. 

Mr. Mick Martin, TGWU 
public services' natioual secre- 
tary, who said on Monday that 
any attempt to free the 
Revenge or the submarines at 
Rosyth. the Repulse and the 
Renown, would be resisted and 
might lead to “serious escala- 
tion * of (he industrial action, 
appealed to the 2.000 dockyard 
workers on the Clyde to lift 
the blacking. 

Workers at Rosyth gave a 
warning yesterday that the 
Navy could not free the 
Repulse and Renown without 
civilian help. They would get 
that help only if the national 
pay claim of the industrial 
civil servants was satisfied. 

Industrial civil servants in 
London held a day of action 
yesterday, including half-day 
and one-day strikes, as part or 
their campaign against the 
Government's 10 per cent pay 
offer. 

Drivers or ministerial cars 
held their strike until midnight 
last night. The Prime Minister 
was driven to the Commons by 
an aide after two ol his 
personal drivers took their 
cars back to the government 
car compound. 

Pickets were held outside 
the House of Commons and 
Whitehall ministries, and 4,000- 
5,000 staff. Including Whitehall 
messengers and doormen. Com- 
mons and British Museum 
workers, struck. 

. Parliament Page 7 


U.S. growth 
will slow 
OECD says 


BY ROBERT MAUTHNER 

A MARKED deceleration in 
economic growth in the U.S. over 
the next 12 mouths and a sharp 
increase in indaliunary pressures 
are forecast by the 24-nation 
Organisation for Economic Co- 
operation and Development in 
its annual report on the U.S. 
economy. 

The OECD Secretariat con- 
siders that the slow-down m 
growth might he significantly 
{more pronounced than envisaged 
by the U.S. Administration. Given 
current policies, it predicts that 
real gross national product will 
grow by no more than 3 per cent 
annually in the first half of 1979 
after rising by about 3.6 per cent 
between the first quarter of 1977 
and the first quarter of this 
Year. 

The report notes that after 
growth iu (he second quarter of 
this year the U.S. economy is 
likely to lose much cyclical 
momentum. The boom in con- 
sumer durables and home build- 
! mg appears to have reached its 
peak and is likely to diminish. 
Official policy is unlikely to 
provide much stimulus over the 
next 12 months. 

Tax cuts proposed for the 
! financial year 1979 will not fully 
offset the effects of declining tax 
refunds in the second half of 
tbe current year, fiscal drag and 
higher social security rates. 
Public spending is expected to 
be reduced. 

While recognising, the world 
impact of deceleration in U.S. 
economic expansion, the OECD 
Secrruariat considers that slower 
growth has become desirable. 
Priority must henceforth be 
given to fighting inflation in the 
U.S 

The high inflation rate is 
restricting the country's 
economic recovery. Its reduction 


> hi Npw York 

- I 
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July £4 

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1 month 1 

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LILIXTI dis 

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PARIS, July -25. 

is essential in view of tbe key 
role played by the dollar in the 
international me notary system. 

The OECD suggests a longer- 
term anti- in flat innary strategy 
than ai pri-sent. Permanent 
machinery f«»r consultation be- 
tween the Government and all 
sides of industry mishl contri- 
bute usefully to reducing pres- 
sures Tnr big wage claims, it 
says. Fiscal measures tu support 
such a programme might also be 
important. 

A slower growth rate is also 
desirable as a means of reducing 
the U.S.'s large trade and cur- 
rent-account deficits. The secre- 
tariat predicts that the trade 
deficit will widen to S'36bn in 
197S but should improve m tbe 
first half nf 1979. 

The report empha-dsc?; that the 
future stability of the dollar wilt 

Details Page 3 

Editorial comment Page 12 

Dollar again rails Back Page 

depend heavily on reducing the 
payments deficit. The most im- 
portant contribution ihe U.S. can 
make is the early enactment of 
President Carter's energy plan. 

Returning to one of its 
favourite themes, the OECD also 
emphasises that countries with 
strong payments positions and 
comparatively low inflation rates 
might make an important con- 
tribution to overconuns the dif- 
ficulties of the U.S. and world 
economics. - 

Clearly referring lo West 
Germany and Japan, the report 
calls upon those countries to 
stimulate domestic demand, 
which would not only help the 
U.S. to reduce its payments 
deficit and lead to greater stabi- 
lity on the exchange markets but 
ease protectionist pressures. 


Banking Bill to provide 
protection for depositors 


BY MICHAEL BLANDEN 

DEPOSITORS with banks ’ and 
other institutions will be given 
new protection against banking 
failures under legislation 
detailed by the Government 
yesterday. 

Proposals published in the 
form of a draft Bill are aimed to 
tighten the supervision or the 
banking system in the wake of 
the 1973-74 fringe bank crisis and 
to meet the UK's commitments 
under Common Market direc- 
tives. 

They will for the first time in 
this country introduce a system 
of licensing for alt deposit- 
taking institutions. The 
proposals will confirm the posi- 
tion of the Bank of England as 


the supervisory authority and 
give a statutory basis for the 
extension of its regulations. 

The Bill will also create a 
deposit protection fund initially 
totalling between £5ni and £«m. 

This will be raised by contri- 
butions from banks and deposit- 
taking institutions related to the 
size of their deposits, with a 
minimum contribution of £5,000 
and a maximum of £300,000. 

The fund, which can he 
increased further, will give pro*, 
teclion to depositors caught up 
in a crash. The protection would 
be limited under the proposals 
Continued on Back Page 
Details Page 6 


Standing on your head 

to export? 



Don’t be put ofifjust 
because amariet isn’t 
close-at-hancL 


It is with NBNZ. - 

The National Bank of New Zealand. 
We have an enviable pioneering record 
in New Zealand and the South Pacific 
witii the advantage of beZngpart of the 
Lloyds Bank Group —just the sort or 
company voa want lo keep when you 
are seeking nmvim'estment oppor- 
tunities or developing export markets. 

Ufe have brandies here and 
throughout NewZealand, where we 
are the only whoDy-cvvned British 
Bank. Andremember when the 
time comes New Zealand is ihe 
ideal stepping-stone to many 
v Pacific markets. 

Aswurnerf step caE Ered 
• - ^ Adams on 01-606 8311 It mav 
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' direction. 



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a murobor of lbeUrniki lkink Group 


THE NOK1XAL BANK OF NEW ZEALAND 1TD, 8 MOORGAR LONDON fcC2R BDB. TELEPHONE; U1-GU6 S311 


: 


* 2 . 


Wednesday July’26 1978 


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I ! ROI’l \\ NEWS 



Call to curb Comecon steel sales 


BT GUS MSUUTT 


BRUSSELS, July 25, 


.THE EUROPEAN Conmu 5 W>n Include Czechoslovakia, Hungary.iPfOductiOB, following th^setbadc of theover-capacity crisis in the 
^should clamp down within the Poland 'and Sou mania. fit' suffered in mid-June, today’s '-steel sector, 

two weeks on Comecon Ur. Judd also complained of /meeting discussed terms for 


pest 


countries’' steel exports that are the “ridiculously uneconomicvresteuetumig' the-European steel on steel bu5S?»»!i AenfandL the 
the UK prices at which special steels industries. Commission sta£ that the twin 

_ P«*blem. of «v.«a P adty >ni 

, 

be 


IMF memo 
on Italy 
leaked by 
newspapers 


OVERSEAS NEWS 


Fukuda blames yen nse 
on failure of U.S. policies^ 



BY CHARLES SMITH, FAR EAST EDITOR 


S5 CMDtrie^Yccording " to side the UK. ^id statetTthat the - *SS5Sita3n&'1Sd 1 JuSSS* aiSTSSSS 5K 

— Frank Judd. Minister of State Sh eSie d therefore framework of financial and social ting 8 steel prwlucers “will be- 
at the Foreign and Common- now working at about one-third support are to be further come raoreacnte’’ during the! 

wealth Office. capacity. examined at the next Foreign - next five years. I WITH a coincidence of timing 

Mr. Judd raised the issue of But those countries that are Ministers’ Council on Sep- TWriWno « « the! sneeestina an inspired leak- 

mounting Eastern European steel allegedly swamnine th« UK t-mW to Describing as “essential tne ; suggesting an mspireti 


By Dominick J. Coyle 

ROME, July 25. 


whether from Rome or Wash- 


, j ..i j. . __j „ r .v,- out mat during iraiys mam 


EEC Foreign Ministers' Council identified and it appears that Mr. 

aDd has received an assurance Judd received a much less decide before the end of this culV , lu i,,| 0ri 

that the Brussels rnmmiccinn ic nncilivp rPSCliim nn th, matt,, AM _ ai aCUeUUlBtl 

prepared to act 

stem the Comecon exports if exports. 

neCeSSary. The _ — - -i “6 . j»vui«u m iug ui» SKI! iu a wv-c annyag . .. _ . ■ , | 

Viscount Etienne Davignon. overcapacity. m the European restructuring plan. i e,5m while 

the Industry Commissioner, told and world steel industries never- To reinforce his case for a heavy rolled sections will there 
the meeting that if it were found theless dominated today's discus- broadening of his original plan “® a cu1t ® >a “ c of 3.4m tonnes, 

to be necessary, the Commission sions on steel. In what is being on production quotas and price In all, the report foresees a 

would intervene during August interpreted as an attempt to controls. Viscount Davignon’s steady worsening of the surplus 

It is understood that the strengthen the. Davignon Plan, officials have now issued a stern capacity for crude steel and 

Comecon countries concerned for rationalisation of EEC steel warning on the steady worsening roiled products. 


BREACHING the 200 to President Carter's failure to get lion to other rations. Balance o 
AFTER BREAum w u iae -w jr pm through Congress payments figures pnhhshed \ A? 

S£S£5 &as r imspvss 

a&aBS 8 * S 

n?. sssl,* ssf-J gffis 

than 3.60 points on the Monday shared by the rest of the Govern- 
dollar closing rate of Y199.I0, 


during 197S«i,; Italy's main newspapers today „ p n 0 * u * t e of^SfclOr' mcnrfiomr'oFwhM^ members Another telling^ dfstatisi^ 

■sss- * es ■awn* MSS&S 35 . MAS jg* sg 

.. sheet and hot rolled coils, total! minority Christian Democrat nn the spot market during the * Japan scoring heavily. Japan's 

(DC) government of Sig. day. The Bank of Japan, which ec °™ ’ . . f InteniatioM i wholesale price index in J, rae 

Giulio AndreoUi, by Hr. Alan ma de a symbolic attempt to told The Minim jf Intenmuowd faU vr2tl ^ Mnt ftll * 

Whittome. European Director the line at or just above 200 Trade and Mr. losmo ^ earUor while the com" 

JUS? creational Monetary when _ the j» dm^JSSSU ponding U.S.jr4? «• to : by 


Chinese Vice- 
Premier for 
Malta talks 

By Godfrey Grima 
A HIGH-POWERED Chinese 
-mission led by Vice-Premier 
Reng Piao is scheduled to visit 
Malta at the end of the month. 
The delegation will review Sino- 
Maltese relations with Maltese 
Premier Dorn Mintoff and lead- 
ing Malta Government officials 
during its five-day stay. 

Malta's warm relations with 
China were inaugurated by 
Premier Dom Mintoff in 1972 
when China gave Malta a £M17m 
loan. This .is financing a number 
of industrial schemes and the 
building of a 300,000 ton ship 
repair dock at Malta dry docks. 
Recently Mr. Mintoff told parlia- 
ment that more than £M6m of 
the loan had been utilised. 

Today's announcement of the 
forthcoming visit came while the 
island's opposition leader. Dr. 
Eddie Fenech Adami, is on his 
way to China as guest of that 
country's Institute for Foreign 
Affairs for a two-week visit. 

• The Malta Government denied 
today that it had ordered British 
journalist Mr. Christopher Elliot 
off the island because of the 
harm his contributions to a Dutch 
magazine had caused the island. 

The claim that Mr. Elliot was 
being deported because of his 
persistent " anti-Maltese ” contri- 
butions to a magazine called 
NATO’s Fifteen Countries, was 
made yesterday by pro-Govern- 
ment newspapers. 

In an official statement it was 
claimed that Mr. Elliot was 
yesterday put on a Manchester- 
bound plane because of the “false 
pretences" in his passport, which 
gave his profession as salesman 
instead of journalist. 


W. German housing demand rise 


BY GUY HAVTFIN 


FRANKFURT. July 25 


Italy is hoping to negotiate 
later this year a new standby 
facility with the IMF of 91bn 
and a Fund team under Mr. 
Whittome left here earlier this 
week after a three-week re- 
view of the Italian economy 
and detailed discussions with 
Economics Ministers on the 
outline of the 1979 budget. 

According to the reports 
published here, the IMF has 
called for a major overhaul of 
public spending programmes 
and of the Treasury’s control 
over appropriations once ailo- 


SSStobSrtTS *7=5 K toporu and Mto T) * 

Apart from its desire tt mil J ufreduralta *»«“ J 

A' »2=SL«KJ2f cent 

calculated that intervention on •“fS? . 


1 
1 j 


THERE HAS been a large rise oanridemMy better than last rented sector, 

in local authority permits for year’s, they «re still well below It has argued that the new 

house construction in West Ger- the 128.984 homes given the go- legislation has substantially, 
many during the first four ahead in the January to April reduced the incentive forj vtn ajJHIllK11 „ IBUa 
months of the year. This is in period of 1976. developers to build homes for- cated _ spedficallv, the Fund, 

line with recent reports of a Furthermore, the association rent. j according to the report, is 

substantial rise an the demand states that while planning' per- Many observers here feel that: pressing for a sharp reduction 

for owner-occupied housing in nrits for mulri-occupancy housing the argument holds a fair amount) i n the enlarged public sector appears to have bought 
the Federal Republic during the units are up 26 per cent on the of water in that competition in- deficit next year which is IsiOOm today, 

first half of 1978. comparable figures for 1977, they the private rented sector has offidallv estimated at more 

Figures published today by the also failed to reach the 1978 been strong. This has tended to: than L43,000bn f£26.8bn). 
central association of house, level. From the current figures it keep rents in all but a few areas i The reported Whittome 
apartment and development land concludes that there is no real <Urwn to reasonable levels and, at j memorandum avoids specific 
owners, show that in the opening evidence that ifibere is a sus- the same time, curtailed the figures, but it calls on Italy to 

four months of 1978 local auth- tained upturn in housing con- ability of landlords to exercise 1 

orities issued planning perm is- structaon. their rights in an unreasonable 

sirm for 116, S21 homes, 15-3 per However, the association, it manner. 

cent more than in the same must be stated, has an axe to The fear is that the new legisla- 

period of 1977. grind in that it is opposed to tion could act as a strong disin- 

The association, which repre- recent.rent legislation which has centive for the private developer, 

sents landlords and property substantially reduced the advan- thereby creating a “sellers mar-' 


concentrate on reducing the 
level of inflation, including 
changes in the system of wage 
indexation nationally. The 
Government, it warns, should 
not be lulled into any sense of 
false security by the strong 


opened on Monday, apparently should 

” Price , Index for sj-jv 

th* showed a year to year rise of 35 
and P* r c*" 1 compared with a 7.1 per 
domestic demand. cent rise ** P- s - consumer 

“cov'roSi:, po'“r S Pr s“«,io», by Japanesr inda,. 
live would risk stirring up w t aP1 . U p d jt would not Iry To the yen* latest rise remain 
inflationary pressures (because JJ” ™{ distincUy less panicky than m , , s 

of the quantity or yen which be * theeccmonnS actions Uf the earlier round 5 

[would have to he released on to me[ £ 1 * ^ ?Srinu the n^ttlwS appreciation last autumn. A hpi.M L** 

[the exchange market in return P ° n r n f " n e ai % UlfeiS t P ?n ' e »l * ^ance oF the way husincL 
Tor dollars). Unofficial reports n } onT Jjf. _“*® men have been revising ihnir 

circulating in the foreign ex- strength of mat wneiner new v j ev . a contained in a sunvv -' J "‘ 
change market today suggest stin ' u, j' tor >' . m , e ?f“ ros by Shoko Cbukin Bank, a semi- 

that the Bank of Japan bought needed, stimulator} measures governmental bank fur comnier- 
about $350m during the first half- should be taken anyway. Mr. c j a j and industrial cu-nf.>crativ(>s, 
hour oF trading on Monday Koinoto said, to ward on adverse D f exchange rales regardi-d 
before abandoning the attempt to effects on the economy that by small companies as the. break- 
keep the dollar above 200. It could stem from yen apprecia- level fnr exports. In a s«r- ' 
less than tion. vey conducted last Octnbi-r, 

Even if Mr. Fukuda is nght Shoko Cftukin found that most 
The Prime Minister. Mr. Takeo to blame the U.S. for its failure small companies did not helirvr- 
Fukuda, in a brief comment lo prop up the dollar more effeo- they could export proiltahly u 
released this afternoon ascribed tively the yen's behaviour during the yen rose above 251 in tlii- 
the yen’s appreciation to the the past couple of days would dollar. The critical level was rr- 
failure of other countries seem to be explainable In terms vised to 221 in a survey cun- 
f especially the U.S.) to introduce of Japan’s own economic per- ducted last March and moved 
effective exchange rate policies, fomance — or at least the super- farther up to 201 in a simey 
Mr. Fukuda also implied that iority of its performance in rela- taken last month. 


developers, points out that tages that the landlord has had kef’ to the detriment of the! i_ th ' nf .Jv 5 

flUhnwah thle v«F>c on> tho tenant in tH® tirivofn tenant I SUrpllU ’ ln me oai^nce OI pay- 


olthough this year’s figures are over the tenant in the private tenant. 

Dublin rejects gloomy forecast 


BY OUR OWN CORRESPONDENT 


DUBLIN, July 25. 


IRISH GOVERNMENT officials Government predictions— to an that this will increase Irish; 

have rejected what they regard annual rate of 12 per cent next inflation. But. even if ooe accepts ! pension subsidies 

as the pessimistic assumptions year while growth rate will fall the assumption, the new scheme! moderation in — 

underlying an economic report, to 3.5 per cent from 5.75 per for linking European currencies j wage contracts. 


ments. 

The source of the leak of 
this private memorandum is 
not clear, but its disclosure 
will do the Government's case 
no harm as Ministers seek lo 
win agreement from the poli- 
tical parties for programmes 
of relative austerity, for a cut- 
back in the rising costs of 
and for 

moderation in new national 


Resignation of top 
Japanese general 


BY ROBERT WOOD 


TOKYO, July 25* 


which suggests a sharp rise in cent this year. balds out'the possibility of the 

Irish inflation and a fall in But m r Brendan McDonald, Irish pound breaking free from 
growth rate in 1979. economic adviser to the Minister sterling and remaining more 

The projections come in the for Economic Planning, has said stable, 
quarterly commentary of the in- the assumptions behind the Government sources also 
dependent Economic and Social report are unduly pessimistic and believe that the report is too 
Research Institute ' (ESRI), that it is too early to predict the pessimistic about prospects for 
which has clashed on previous 1979 performance with any world trade in 1979 and that the 
occasions with Government pro- accuracy. Bremen and Bonn summits will 

jecrions for the economy. The most interesting of the produce real improvements. 

The report suggests inflation ESRJ assumptions is that sterling which will hetp ‘ keep Irish 
will rise from 9 per cent this will decline against other growth rates closerto the present 
year— itself- 2 per cent above currencies, perhaps to $1.75 and 7 per cent 


Equally, disclosure may also 
serve the purpose of the IMF, 


Tito warns non-aligned of threat in Africa 


BELGRADE. July 25. 

Cambodia and Vietnam, and 
French military involvement in 
Africa. 

“I should like to voice ray 
concern over the renewed threat 
to peace from power politics and 
the persistence of the terrifying 
arms race, aggravating existing 
trouble spots and crises, and 
even precipitating outright 
armed interventions,’’ President 
Tito said. 

Reviewing the world scene. 
President Tito said the UJS. and 
the Soviet Union should work 
towards greater detente, in which 
the non-aligned countries would 
play an important part. 

“There is every indication that 

— primarily jn Africa— new forms trying to split the grouping into countries were natural allies of we have again arrived at a dan- 
of colonial presence or of bloc so-called progressive and Communist States. President Tito gerous crossroads when energetic 
dependence, foreign influence moderate factions, with the pro- condemned any kind of sec- action by the non-aligned coun- 
and domination. We should be gressives looking towards tarianism and ideological divi- tries is needed even more.” 
united in resisting such Moscow. sions “ no matter what slogans President Tito's call for unity 

endeavours." President Tito was careful to they hide behind.” was echoed In a message from 

President Tito’s kevnote balance his warning by referring Senior diplomats said Cuba’s North Korean President Kim D 
address tn the opening session of to threats from both East and role, especially its military inter- Sung, who spoke of a complicated 
a potentially stormy five-day West. vention in African countries, situation in the movement, 

conference of Foreign Ministers He spoke of dangers from could prove one of the Sash- The message, read ont by 
from the 86 member-countries imperialism,, a synonym for points in this week’s debates. Foreign Minister Ho Dam in his 
was greeted with long, sustained Western countries, and of hege- Other quarrels might arise address on behalf of Asian mem- 
applause. mony — meaning the Soviet Union over Arab disagreements about bers, said the movement must 

It reflected deep concern in — and its allies. Egypt’s Middle East peace initia- oppose any attempts to' split it! 

many non-aligned states that Apparently alluding to Cuban tives, fighting in the Western into progressive and non-j 
Cuba with Soviet backing, was statements that non-aligned Sahara, border troubles between progressive countries. 1 


PRESIDENT TITO of Yugo- 
slavia today delivered a barely 
disguised warning to non- 
aligned countries about Soviet 
and Cuban Involvement in Africa 
and said the big powers were a 
threat to peace. 

He urged the non-aligned 
movement of which he is the 
only surviving founding father, 
to close ranks in settling its 
major conflicts and to counter 
attempts to divide it- 

'* Pressures against the unity 
of the non-aligned movement 
are now being intensified." he 
said. 

" We are witness to attempts to 
establish in the vitally important 
regions of the non-aligned world 



President Tito addresses the Conference- 


Portuguese 
Socialists 
stay in power 

By Our Own Correspondent 

LISBON, July 25. 

WITH PERHAPS Its most 
intemperate statement this 
year, the Portuguese Socialist 
Party staved off resignation to- 
day but virtually put an end to 
continued collaboration with 
the conservative Christian 
Democrats. 

Contrary to earlier warnings 
by Sr. Mario Soares, the 
Prime Minister, the Socialist 
Party management council 
after a late-night meeting said 
tiie party would continue iu 
government and expressed full 
support for the Prime Minister 
and his team. 

Both socialists and conserva- 
tives in the now disintegrating 
six-month-old ruling alliance 
claim that the other side 
had broken the pact from 
which the Government was 
born in January this year. 

The Conservatives, who 
sparked the crisis by with- 
drawing their three ministers 
from tbe Cabinet, may have 
gone farther than they first 
intended In their attempts to 
force ministerial changes and 
get rid of the agriculture and 
health ministers. 

In spite of the heavy social 
and economic costs it would 
entail, some sources believe 
tbe. Socialists may just be 
willing to risk a snap general 
election, more than two years 
before it is due, lo resolve the 
crisis. ... 


GENERAL HIROOMI KURISU. “what T thought was right 1 
Japan's highest-ranking uni- was determined to quit if ray 
formed military officer, was remarks were not welcomed by 
asked to resign today for telling the Director-General,” he added, 
a Japanese magazine that the Th e Japanese constitution, 
Japanese “self-defence forces” - tw riur in E th P US oceuna- 

S d »- hat „ e r.‘V*, UP ,Si'£i rtSn »ft.r W«ld e w U .r S ' £"85 

JSJB ' n th £ a !! °L, aur P nse Japan from maintaining a mill* 

tt Gen Kurisu said Sat Japanese tary forco or using war t0 settle 
law fort™, tte mInSuS 
forces from taking any action 

even re treating without s * r ® n S support from Japans 

approval af political authority lowing opporiUoi, parUM. 
in case of enemy attack. But he Japan's self-defence force is a 
said in an interview published modern military establishment 
last week that he bad told his in every respect exoept size and 
men to act anyway. possession of nuclear weapons. 

His resignation was requested which Japan has foresworn, 
by Mr. Shin Kanemaru. Director- Gen. Kurisu's statements have 
General of the Japanese Defence taken <the debate on defence 
Agency. Gen. Kurisu said after issues several stages further than 
leaving his post that he had said other official pronouncements. 


Cook Islands chief ousted 


BY DAI HAYWARD 


WELLINGTON, July 25. 

an election 


THE COOK ISLANDS High flight constituted 
Court has removed Premier Sir bribeu 
Albert Henry and seven of his Mr. Robert Muldoon, the New 
Cook Islands Party Ministers Zealand Prune Minister, said he 
from office and invited the hoped the outcome would be 
Leader of the Opposition Demo- accepted peacefully in the Cook 
cratic Party, Tom Davis to form Islands — a country made up of 
a new Government 15 islands scattered over 200,000 

Mr. Justice Donue found that ‘Te™ e^^dds'- ^ Mr ,d jLti« 

taSta^SSta’hrih'.jrSS Do " ne ' made U.e Stag 
ters had m^ged m bribery and a three-month inquiry! 

bribing hundreds of voters to i-te r swore in Dr Davis as 
corruption on a large sral*- SM"S Sw£' the 25.000 
win the March general election, islanders. * 

The Democratic Party brought Sir Albert Henry had been 
the court case after losing the Premier since 1965 when the 
March election by 15 seats to 7 islands, whose most lucrative 
as a result of the votes of 2,000 export is postage stamps, became 
Cook Islands Party supporters internally self-governing from 
flown in specially from New New Zealand. 

Zealand. The court ruling gave the 

Until the flying votes were Democratic Party 15 seats in the 
recorded at 10 pm on election 22-member Legislative Assembly 
nigbt the Democratic Party was to six for the Cook Inlands Party, 
ahead in a majority of seats, with one by-election pending. 

The Democrats alleged the Sir Albert, who shook Dr. 
NZ$350,000 needed to pay for Davis’ hand after the ruling, 
subsidised flights had been told reporters: “The judge has 
stolen from public funds. They made his decision. The judge 
also alleged the S20 subsidised knows the law. I don't know the 
seats for tbe 2.000 mile return law." 


Nigeria oil 
income may 
fall by 18.7% 

By Mark Webster 

LAGOS. July Z?t. 

THE LARGE-SCALE fail in 
Nigeria's mi production is J j Lely 
to cut revenues this year by 
18.75 per cent lo Naira 5.21m 
(about £4.3brt). it was stated in 
Lagos yesterday. 

Chief Mescbak Keyide. bend nf 
the inspectorate division of die 
Nigerian National Petroleum 
Corporation (NNPCi. was speak- 
ing at the opening of an ml 
seminar. 

• He said failing- world demand 
for Nigeria's crude had cut pro- 
duction from 2.9m barrels a day 
to 1.55m h/d in January and 
February this year. 

Added to I he production cuts 
was the falling value «*r the 
dollar and internal and external 
inflation, he said. Together they 
could erode Nigeria’s oil revenue 
In real terms by as much as 4U 
per cent. 

What was more, he .said that a 
production level of l.Stn h/d 
would probably not improve next 
year. 

Nigeria’s domestic consump- 
tion is rising by an estimated 25 
per cent a year and he said it 
was time the country started to 
think about conservation. 

Allowing fnr un annual growth 
in demand of 15 per cent ? Nigeria 
would consume 350.000 b/d by 
19S8. 

Two new refineries will be ao 
stream by then but total output 
from the existing refiner}- at 
Port Harcourt would be only 
260.000 b/d. 

At present,. Nigeria relies nn 
Shell's Curacao refinery for most 
of its domestic consumption. 
Shell refines around 120,000 b/d 
under a refining contract 

Chief Feyide also urged nil 
companies to keep exploring 
Exploration has picked up con- 
siderably since Nigeria 
announced a package of financial 
Incentives. 




p* 


’i)TTO * 


iev 


FrwintL Times. puMUhcd dal Ip except Sun- 
days and holiday*. U.S. (Obscrlpclon SMO.no 
lair rroahil JJbO.OO fair main rep annum. 
«ccond class postage paid at Nex York. N.Y. 


Manpower shortage threatens Comecon economic growth 


AT A TIME when the West is 
desperately trying to reduce 
unemployment. Comecon is faced 
with serious shortages in man- 
power which could put substan- 
tial restraints on future economic 
growth. Recent issues of Soviet 
economic journals indicate that 
the problem is causing consider- 
able concern among Russian and 
East European planners. . 

The shortages are felt most 
acutely is the more highly 
developed Comecon countries 
such as the Soviet Union, Czecho- 
slovakia and East Germany. But, 
according to U.S. estimates, even 
the poorer East European states 
are having trouble. The demand 
for industrial labour in Bulgaria, 
for instance, exceeded supply by 
2 per cent in 1975. And Com- 
munist Party officials in 
Romania's important Cluj county 
recently told the Financial Times 
that they had to put up with sub- 
stantial’ shortages in the con- 
struction industry. 

The Soviet Union, however, has 
been hit the hardest by the laut- 
ness of the labour market The 
USSR wants to open up its 
Siberian energy resources, but is 
having great trouble recruiting 
skilled and unskilled personnel 
despite higher wages. There is 
also a shortage of workers for the 
main growth sectors in European 
Russia. 

Until the 1960s. the number of 
workers generally matched the 
planned growth in the economy. 
But • by 1967, there was a sbort- 
aac Of at least 125,000 industrial 
workers in relation to plan re- 
quirements and the 1970 goal fell 

short by fioaie i,,m woilsere. 


Clearly tbe 1980-85 plan will have 
to scale down growth rates or at 
least radically shift tiie focus of 
its manpower planning to more 
productive techniques. 

At the root of all of East 
Europe's manpower problems are 
the twin threads of poor labour 
productivity and a slowdown in 
papulation growth. This is par- 
ticularly apparent in the Soviet 
Union which is plagued by over- 
manning — the result not just of 
the inefficient use of labour and 
equipment, but also from flaws in 
the planning equipment process. 

To this degree, Comecon's man- 
power problems are artificial and 
could be partially solved by 
productivity-raising measures. 

Poor quality goods— notably 
shoes and clothing— are often 
produced simply to fulfil plan 
indicators, even though there is 
no apparent demand for the 
products. This leads in turn, to 
an artificial increase in the need 
for new production capacity and 
the labour to man it. 

There is the reluctance of 
factory managements to release 
superfluous workers for fear that 
their plants will be relegated to 
a lower category. Factories in 
Comecon countries are usually 
classified according to how many 
workers they employ. The fac- 
tory managers also fear that they 
could be left short of workers 
during harvest time when the 
State demands a Percentage of 
the plant's labour force to bring 
in the crops. As a result they 
exaggerate their manpower 
needs. 

Inefficiency in the agricultural 
sector has resulted in an ex- 


tremely large labour force on the 
farms. Although agricultural 
workers are underemployed com- 
pared to other countries, their 
number has to be maintained 
at the present level in order to 
reach the high production targets. 

Planning and administration in 
tiie Soviet Union also absorbs an 
increasing amount of workers, 
drawing them »way from the 
productive spheres of industry- 

The Soviet Central Institute of 
Mathematical Economics esti- 
mated that in 1965 about 12m 
people were involved In plan- 
ning and management The 
editor of the State Planning Com- 
mission's journal has made the 
somewhat tongue-in-cheek' sug- 
gestion that. If this figure grows 
according to established Soviet 
econometric theory— that plan- 
ning work increases by the 
square of production— then all 
the adult population of the USSR 
will be engaged in some form of 
administration by 1980. 

There is in fact only a slender 
manpower reserve to draw on in 
Eastern Europe where full em- 
ployment is the guiding prin- 
ciple. Article 40 of the new 
Soviet constitution guarantees 
every Soviet citizen the right to 
work. The Labour Code indicates 
that there is a positive obligation 
to do so— Russians who are un- 
employed for more than four 
months in a year become 'liable 
for prosecution under harsh 
“anti-parasitism" laws. 

There is, however, a small 
degree Of unemployment as a 
result of workers changing their 
jobs. This, with improved plan- 
ning procedures, could produce 


extra manpower. According to 
one Soviet estimate, an average 
28 working days are last when 
a worker changes his job. With 
about one-fifth of Industrial 
workers and about one-third of 
construction workers voluntarily 
leaving their jobs or being fired 
for breaking labour discipline, 
this adds up to a substantial 
number of lost working days. 

Tbe situation is aggravated by 


recently Soviet newspapers— 
notably the trade union daily 
Trud — have criticised the com- 
mittees for not adequately 
matching men with jobs. 

The Research Institute of 
Gosplan, the state planning body, 
has recommended the ending of 
work stoppages in between shifts, 
which could raise productivity by 
10 or 11 per cent. There is also 
a move towards putting legal 


At the root of Comecon’s industrial labour 
problems are the twin threads of poor 
productivity and slower population growth, 
writes Roger Boyes 


the absence of any effective job- 
finding service — labour exchanges 
were abolished in the 1930s. This 
has Jed to people rejecting 
mundane jobs in favour of more 
glamorous ones. 

A recent Soviet survey showed 
that over 80 per cent oE farmers' 
children wanted a (better-paid) 
industrial job, while those with 
parents in industry wanted in 
the main to go into planning 
or thr professions. This has led 
to severe Imbalances in finding 
jobs for young school leavers. 

Most Comecon countries have 
set up committees on labour 
resource utilisation which try to 
smooth out some of the problems 
arising out of this. They deal 
with the retraining and reassign- 
ment of surplus labour and the 
establishment of programmes to 
provide information on jobs. But 


restraints — such as existed up to 
1956— on labour turnover. 

The productivity and overman- 
ning problems are exacerbated 
by the slowdown in population 
growth, experienced by the 
Soviet Union and other East 
European countries over tbe past 
decade. This disturbing trend is 
highlighted by the recent slowing 
down in the marriage rate in the 
Soviet Union and the appreciable 
rise in divorces. As Dr. Murray 
Feshbach, a leading UB. 
Sovietologist said: “ After 19S0 a 
potentially disastrous shift down- 
wards will occur with net annual 
increments of only about 590,000 
and 610,000 per year in the two 
halves of the decade.” This in- 
ri’sase in a workforce of some 
120m workers is, he concludes, 
inadequate unles productivity is 
drastically increased. 

Dr. Feshbach calculates that 


even this increase would occur 
primarily in the Soviet Central 
Asian republics and Kazakhstan. 
‘Hie population of the industrial- 
ised European section of Russia 
would, by contrast remain static 
during the first half of the 1980s 
and actually decrease in the 
latter half of the decade. 

Unless, he concludes, the 
unused labour in the five Central 
Aslaa republics moves to jobs 
in European Russia or Siberia 
—unlikely under present man- 
power planning restraints — or 
unless jobs are moved to them 
the main growth regions will be 
starved of labour by the 1990s. 

Soviet economists are 
approaching the problem in a 
number of different ways. Dr. 
Mikhail Sonin, a labour 
economist, wrote in tbe Moscow 
journal Economy and Law earlier 
this year that early marriage and 
more extensive use of adolescents 
would hejp to ease the manpower 
situation. 

He claims that Russians marry 
late in life compared to people 
in the West. “A large proportion 
of (Soviet) manhood spend their 
early manhood alone,” he 
writes. They should, instead, 
think In terras of starting fami- 
lies. Meanwhile, the minimum 
age of- employment should be 
lowered from 16 to 15. 

Soviet planners have so far 
shied away from most of the 
productivity schemes - being 
experimented with in Eastern 
Europe. One scheme, widely 
applied iu Hungary, known as 
the “aggregate wage system," 
has reduced the number of 
workers at various enterprises 


by almost 2 per cent, freeing 
them for work in different 
sectors of the economy. 

'Under the scheme all workers 
receive a minimum annual wage 
increase of 1.5 per cent But 
wage claims over 6 per cent 
automatically increase the enter- 
prise’s tax liability. This kind of 
wagwetting autonomy— still un- 
thinkable in the USSR — has 
bred a more positive attitude to 
productivity. 

Another possible solution 
which would depend on a much 
more integrated Comecon 
organisation, is the use of 
foreign workers from Eastern 
Europe 

Some 9,000 Bulgarians were 
last year reportedly working as 
loggers in Siberia and 7,000 
North Koreans were understood 
to be cutting timber in the 
Soviet far east during the early 
1970s. Usually, however, 

Moscow prefers to engage 
workers or technicians only for 
specific projects, sending them 
home after the work has been, 
accomplished. 

Yet another possibility is the 
broader use of the Soviet army. 
Soldiers already help to bring 
in the harvest and automatically 
assist in disaster relief. Soviet 
economists are believed to be 
actively studying this option hut 
even with the increased 
mobilisation of soldiers, younger 
school-leavers, and old age pen- 
sioners (almost 2m more retired 
workers have been brought into 
the economy over the past 
decade) the central problems of 
over-manning and a sluggish 
birth rate persist 



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OVERSEAS NEWS 


v Ethiopia takes key town 

from Eritrean guerrillas 


*!t 


by DAN CONNELL 

■jBIOPIA has scored- its first 
ajor victory in three years of 
gating in the Red Sea province 
MBWtrea with the capture of 
x town of Tessenei from the 
iilrean Liberation Front 
5LF). according to informed 
,urces in Khartoum. 

Ethiopian forces also 
■occupied the ELF-heid town of 
di Qoala late last week and 
■ e now reported to be very 
osc to the ELF-beld town of 
an defer a (also known as Adi 

The ELF’S Khartoum spokes- 
an conceded that the Ethiopian 
nvemment, was making gains 
the six-week-old Eritrea offen- 
ve, hat be said that they were 
ting won at great human and 
aterial cost to Ethiopia. He 
id that the ELF would 
crease this cost by carrying out 
lerrilia actions against govern- 
ent supply and communications 


lines behind the now extended 
army of regulars and militia. 

The fall of Tessenei, which is 
close ot the Sudanese border on 
the western side of Eritrea, puts 
the Ethiopian forces in a 
position to cut the ELF'S supply 
route to central Eritrea from 
Sudan. Tessenei is also near 
the ELF's main base area. Adi 
Quaja and Mandefera are about 
150 miles to the east in the 
central highlands of Eritrea — the 
most heavily populated area. 

Meanwhile in Sudan, govern- 
ment officials say that an influx 
of thousands of .Eritrean 
refugees is creating a .relief 
erisis. An urgent request for 
international assistance - Is sow 
going to United Nations and 
voluntary agencies to cope with 
the situation. 

More than 4.000 refugees from 
the Tessenei area are on the 
Sudan side of the border and up 


KHARTOUM, July 25. 

to 10,000 more are expected to 
arrive soon. 

Eritrean refugees 
already in Sudan, according to 
statements by President Nimeiri 
at the OAU summit last week, 
Sudan s ability to cope is 
severely strained. 

Officials here say that the new 
emergency poses an Insoluble 
problem unless large scale inter- 
national aid is immediately forth- 
coming. Medicines aDd shelter 
ar * n °t available and transport 
Will be seriously hindered by 
exceptionally heavy rains in the 
area. 

When I was in the border 
town of Kassala last week, I saw 
wounded patients crowded two 
in one tied fn the hospital there. 

An emergency meeting of UN 
and other relief officials was 
held here yesterday, at which 
an immediate response to the 
emergency was urged. 


Israel hopes for new peace talks 


BY DAVID LB1NON 

SRAEL is still hoping that a 
jw round of peace talks -with 
gypt will he held early next 
oath, an official in Jerusalem 
id to-day, in spite of Cairo's 
^parent retraction of an earlier 
•cept&nce of the invitation by 
r. Cyrus Vance, the Ui>. Secta- 
ry of State. 

Israel denies that the Cabinet 
: fa sal on Sunday to make a 
jodwill gesture toward Presi- 
?nt Anwar Sadat, by unilaterally 
•turning two sites in Sinai to 
» gyptian control, is likely to 
\.\ ,ive harmed the prospects for 
h> ie meeting. Officials insist that 
:rael ha had no communication 
idicating that the meeting is 
: .. 0W off. 

..Mr. Alfred Atherton, the rov- 
ig U.S. ambassador, is due here 
- imorrow to try to clarify the 


arrangements for this meeting. 
The U.S. official is expected to 
query the exact meaning of re- 
cent Israeli statements about tbe 
future of the West Bank and 
Gaza Strip. • 

The Government will tenor- 
row face a no-confidence motion, 
tabled by the Labour Party, 
which has accused the Govern- 
ment of pursuing a policy which 
freezes the chances of making a 
peace settlement. The Opposition 
has tabled a number of similar 
motions in recent months, and all 
have been easily defeated by 
tiie Government, 

Roger Matthews adds from 
Cairo: The Government-owned 
Egyptian Press today labelled 
Mr. Menahem Begin. Israel's 
Prime Minister, as a “fascist” 
and accused him of trying to 
abort the peace process with his 


TEL AVIV. July 25. 

“ expansionist mentality ” and his 
“ sick fancies,” 

The attack on Mr. Begin, 
which appeared as the main 
editorial in A1 Ah rum, was the 
most virulent yet launched 
against the Israeli Premier and 
coincided with a decision by 
President Sadat to summon a 
meeting tomorrow of -the 
National Security Council, offi- 
cially described as Egypt's top 
policy-making body. 

Official sources said the 
decision to call the meeting 
reflected the deep concern that 
was felt over the continuing in- 
flexibility shown by Israel. It 
is also intended as a reminder 
to the U.S. Administration that 
it must persuade Israel to intro- 
duce some “new elements” 
before Egypt will agree to go to 
the negotiating table again. 


Lebanon plans military changes 


BY IHSAN HIJAZI 

’HE LEBANESE Government 
.as finalised plans for deploying 
mils of the Lebanese army in 
outhern Lebanon, and is con- 
idering ideas for reorganising 
he armed forces to ensure a 
lalance. in the distribution of 
mlitary posts between Christians 
nd Moslems. 

As part of the plans, army 
fficers who hav> been command- 
ig the Israeli-backed Christian 
lilitias in the border region will 
■c removed from their posts and 
iroupht tu Beirut to be placed at 
he disposal of tbe army com- 
naad. 

Tbe decision was taken at a 
neeting yesterday by President 
Slias Sarkis. Mr. Selim Al-Hoss, 
he Prime Minister, and Mr. 
■’uad Butros. I he Foreign and 
)c fence Minister. Brigadier- 
icnerat Victor Kboury, the 
irmy commander, and Colonel 
ilunir Torbeji the chief of staff, 
irielcd the conferees on the 


logistics for despatching the 
njffitary units to help United 
Nations troops in maintaining 
law and order in tbe south. 

The military steps are being 
given a great deal of importance 
here and it is significant that the 
President and his Government 
have not been deterred by the 
new round of fighting between 
Syrian troops of the Arab peace- 
keeping force and Christian 
militias. 

The Syrians pounded Christian 
positions at the hillside town of 
A1 Hadass overlooking the capi- 
tal for three days, during which 
civilians huddled in the base- 
ments of their buildings. 

Tbe bombardment bus given 
way to sniping as an uneasy calm 
prevailed over the area this 
morning. Such lulls have not 
survived in the past few days, 
and heavier fighting usually 
breaks out in the evening. 

About 1.500 soldiers forming 
the “Litani Brigade” have been 


BEIRUT. July 25. 

standing by in barracks in the 
BeJcaa Valley in east Lebanon 
since mid-June waiting for 
orders to move south. Political 
arguments and disagreement 
about the status of the officers 
co-operating with Israel held up 
the deployment of the troops. 

The Government decided to 
art after Dr. Kurt Waldheim, 
the .UN Secretary-General, last 
week sent a letter warning that 
unless Lebanese forces were sent 
to the south to assist the UN 
troops in Maintaining law and 
order, the Security Council might 
not be able to extend the man- 
date of the troops when it ex- 
pires in September. 

Lebanese soldiers are ex- 
pected to head south either this 
weekend or early next weekend, 
and they will go iij batches of 300 
men each. The deployment will 
he completed in 10 days or two 
weeks, barring unusual security 
problems. 


BHUTTO ACCUSED IN WHITE PAPER 

Key ri ggin g role unproven 


UN IMPORTANT part of the 
Justification for the overthrow of 
Mr. Bhutto by the military in 
Pakistan wps that he rigged the 
jeneral election of March, 1977. 
rod then carried the country to 
the brink of civil war by bis 
refusal to hold a fresh poll. 

The surprising feature of the 
military regime’s White Paper* 
on the conduct of the elections — 
a blatantly partisan attempt to 
swing opinion against Mr. Bhutto 
who cuuld face charges of elec- 
toral fraud and is now in any 
case under sentence of death — is 
tliat it contains so little evidence 
to show that Mr. Bhutto had a 
direct hand in manipulating the 
final results. 

Slipped in among the 1.400 
Pages of text and documents is 
a revealing analysis which shows 
that on the eve of the election 
military intelligence thought that 
Mr. Bhutto would win by a mini- 
mum or 22 seats. The document 
was presented on March 4— the 
lust day of campaigning— and 
presumably at the meeting of 
his close advisors that be called 
in Lahore that day to assess his 
chances. U was put forward 
jointly by the chiefs of the 
Intelligence Bureau and tite 
military Inter Services Intelli- 
gence OSD. though the 
analysis was clearly the work 

The head of the ISI at the 
time was General Jtiani, wno is 
dim Defence Secretary. 
Apparently his judgment then 
was that Mr. Bhutto could win 
The election without foul play 
though the document say s that 
I lie Punjab "would require extra- 
ordinary attention to the very 
last moment.” — _ 

This inevitably raises th? 

question that if nnltlarjr inwlli- 
gence was tins closely involved 
in Mr. Bhutto's campaign, what 
other activities did 
carry out to further lus Y^Joiy. 
The While Paper is si ent on an 
other aspects of the army 

involvement. , 

One of the major pieces of 
evidence brought fprward to 
demonstrate that Mr Bhutto 
intended massive rigging ofthe 
election i* tbe s<H»Ued 
“Lnrkuna Plan." This is a 
detailed project drawn up jn 
April 1976 for ensuring victory 
in a constituency adjoining Mr. 
Bhutto's own by drawing on belp 
from the police and district 
administration. He passfd J 
Mr. Rafi Rasa, his Minister of 
Production and a s P ecJ ? 1 
assistant closely involved w 


BY DAVID HOUSEGO 

running the election compaign. 
as a possible model for the cam- 
paign throughout the country. 

But was the “ Larkana Plan ” 
prepared “ persona LI u " by Mr. 
Bhutto as the While Paper 
asserts, or was it one of those 
windy documents drawn up by a 
sycophantic official, to which Mr. 
Bhutto foolishly put his name . 
The signature is certainly Mr. 
Bhutto’s but the language is not 
Take for example these two 
sentences : , , 

“ A model election plan for 
One National Assembly Con- 
stituency consisting of Warah 
and Dokri TMukas has been 
prepared and is placed below. 
And “During the course or 
current exercise (sie>. it came 
to tight that there was a short- 
age of lady workers even in tne 
principal towns.” This is ul 
the style of the arrogant Oxford- 
educated Mr. Bhutto. 

Mr. Rafi Baza, a one-time 
personal friend of Mr. Bhutto, 
evidently did not take the docu- 
ment very seriously for ne 
handed it back to the govern- 
ment after he left _ powgv 
although potentially it incrimi- 
nates him as much as Mr. 
Bhutto. . 

That .there was widespread 
fraud on election day — s timing 
of ballot boxes, declaring «f 
results before the votes had been 
counted, -bullying of opponents 
and misuse of Government 
power— is not in doubt, /ne 
extent of the fraud certainly 
undermined the credibility of 
Mr. Bhutto's victory ana ulti- 
mately his legitimacy as head of 
government. But in assessing 
Mr. Bhutto's role, the key issue 
is whether tbe rigging was 
instigated by him or whether it 
was the work of over-zealous 

subordinates. . . , 4r . 

There is plenty in the White 
Paper to show that Mr. Bhutto 
did not scruple to use foul 
to discredit his opponents and 
was clearly impatient . 
timorous advisers who 
though Pakistan was a W^tm to- 
ter-style democracy. He endorsed 
suggestions (often enthusiastic- 
all^ for harassing the opposition 
Stt i tax or police Inquiries, aw- 
ing their vehicles, putting ; up 
"surrogate” opposition candi-. 
dates if the opposition boycotted 
the elections, limiting the free- 
dom ofthe election commission, 
and employing . government 
funds in bis campaign- 

All this confirms that «r. 
Bhutto, further debased the Stan- 


dards of public life daring his 
Premiership and created an 
atmosphere in which his officials 
felt that they would gain favour 
by ensuring tbe overwhelming 
victory oF his candidates irre- 
spective of tbe means used. 

But the White Paper does not 
convincingly show that he 
ordered tbe rigging of tbe re- 
sults. To judge from the docu- 
ments published, tbe current 
regime had access to the papers 
of General Imtiaz Ali, Military 
Adviser, Mr. Rao Rashid Khan, 
Special Secretary'. Mr. Tamman, 
Special Assistant, aDd Mr. Rafi 
Raza — his key official in running 
the election. If there are no 
more incriminating papers than 
those presented, tbe assumption 
at tbe moment mast be that they 
do not exist. 

The White Paper also fails to 
discuss Mr. Bhutto's own claims 
that he personally ordered the 
District Commissioners just be- 
fore the poll not to engage in 
rigging. Nor does it discuss tbe 
violence instigated bv the oppo- 
sition Pakistan National Alliance 
to win seats in Sind province. 
That there was foul play as well 
by the opposition does not 
emerge. 

The picture that comes 
through from the documents is 
that in 1974-75 Mr. Bhutto was 
worried as to whether he would 
be returned to power in a general 
election. By 1976, when he was 
considering dates and strategy, 
he thought there would be a 
tough campaign requiring a “do 
or die plan taking care of every- 
thing.” As the election drew 
closer, however, his major con- 
cern seemed to be as much that 
bis assumed victory would not 
carry credibility because 
Pakistanis would believe tbat this 
election — like all others in the 
country’s history — had been 
rigged. 

As is clearly intended the 
White Paper brings out the 
Machiavellian side of Mr. 
Bhutto's character. XJnintea- 
ti onally perhaps, . it also shows 
him as having, a streak of warmth 
and humour. When a Mr. Rashdi 
sought a job for his son from Mr. 
Bhutto— and got one— Mr. 
Bhutto noted on the request: 
"We are responsible for Rashdi 
and all his sons because he told 
Ayub Khan (the former Presi- 
dent) to get me shot. That is 
life. What can we do for this 
loyal -band of faithfuls.” 

•White Paver m the condnet of the 
(lateral Ktenxn i* nt Man’ll. 1977. Gorcra- 
mst ot PaU&im, BaaabjtvU, Jab. 1575. 


AMERICAS «WS 


US INDICATORS - OECD FORECASTS 

PERCENTAGE CHANGES- AT ANNUAL RATES . 1972 PRICES SEAS ONALLY ADdUSTEP 


6v 

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2Z 
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& 


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m 


m 


4 


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1977 


1978 1979 



EMPLOYMENT 


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1976 


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1977 


1 2 1 

1978 1979 


Warning on U.S. inflation control 


BY DAVID FREUD 

THE U.S. Administration’s 
attempts to control inflation 
could contribute to a serious 
recession, with an equally severe 
impact on the rest of the world, 
the Organisation for Economic 
Co-operation and Development 
warns. 

In its annual review of Ibc 
U.S. economy, published today, 
the organisation says tbat tbe 
slowdown in growth could be 
significantly greater than that at 
present envisaged by the Admin- 
istration. 

Greater caution in demand 
management is called for because 
the gap between actual and 
potential production may be 
smaller than assumed earlier, 
and because the reasons for the 
recent marked slowdown in 
productivity growth are not yet 
known. 

It says: “An even more restric- 
tive stance than recently adopted 
would probably help to contain 
inflation, but only with some 
timelag. 

"And although the reductiou 
of inflation must now be a first 
priority for U.S. economic policy, 
attention will still have to be 
paid to tbe effect of demand 
management on output, employ- 
ment and investment — and, 
indeed, to the impact that a new 
serious recession in the U.S. 
could have on the currently 
hesitant recovery in the rest of 
tbe world.” 

The review forecasts that the 
growth of Gross National Pro- 
duct will fall back to 3 per cent 
in the first half of 1979, com- 


pared with, the above 5 per cent 
in 1977. 

Among tbe restraining in- 
fluences will be tbe high level 
of consumer debt — now running 
above the levels of the previous 
cyclical peak. The outlook is 
further depressed by the per- 
sistently high rate or inflation 
and its recent acceleration. 

The economy is also likely to 
lose much of its cyclical 
momentum after the second 
quarter of this year, when it 
botinced back from the depressed 
levels of the first quarter caused, 
mainly, by the adverse weather. 

As the recovery enters its 
fourth year, says the review, tbe 
boom ii) consumer durables and 
residential construction seems to 
have reached its peak, while tbe 
dampening effects of declining 
tax refunds in tbe second half of 
the year will not be fully offset 
by the proposed tax cuts. 

The downturn in the rate Of 
growth is likely to cause a 
marginal rise in the unemploy- 
ment rate, which is currently at 
about 6 per cenL (Severe labour 
bottJenedcs are now thought to 
arise at- unemployment levels 
below 5 per cent.) 

Tbe review says that there is a 
great deal of uncertainty about 
the pattern of employment, since 
productivity has been stagnating 
at a time of fast growth in the 
number of jobs. It assures that 
productivity will rebound and 
grow at -about 2 per cent over 
the coming year, so that em- 
ployment is forecast to expand by 
oDly 1-5 per cent during title year 


to tbe first half of 1979. 

The review forecasts that 
there will not be a further 
sustained rise in short-term 
interest rates over tbe next year. 
It points out tbat the long-run 
growth of money supply under 
8.5 per cent for M2, has remained 
well within the Central Bank's 
range. 

Business balance sheets are 
strong and tbe cautious invest- 
ment behaviour assumed does 
not suggest any severe squeeze 
on corporate credit. 

Consumer prices are expected 
to rise by 7-7.5 per cent over the 
year to mid-1979. This follows 
the sharp rise in inflation at the 
beginning of the year registered 
by most price indices. Taking 
this recent acceleration into 
account and allowing for tighter 
labour market conditions, hourly 
earnings are forecast to rise by 
about S-S.5 per cent over the 
next 12 months. 

Higher social insurance taxes 
due at the start of 1979, and a 
catch-up by employees in the 
non-union sector, could bring the 
increase in earnings per 
employee to 9-9.5 per cent. 

The main reason for the sur- 
vey’s forecast of wage pressure 
adding to inflation is that wage 
differentials between unions and 
non-union sectors of the economy 
have widened since 1973. 

As contracts came up for rene- 
gotiation -after the inflation bout 
of 1973-74, the larger unions suc- 
ceeded in winning settlements of 
just over 10 per cent in total 
compensation, considerably above 


the national average. This meant 
the non-un ionised, and generally 
more competitive, sector suffered 
a relative decline. 

With the tightening of tbe 
labour market, “ the potential for 
some catch-up Increases in wages 
for the non-union sector thus 
appears to be unusually large." 

The survey expects the trade 
deficit to improve over the rest 
of tbe year and in 1979 following 
tbe deterioration to an annual 
rate of S45bn in the opening quar- 
ter of this year. It says that much 
of the decline appears temporary, 
and may partly reflect the terms- 
of-trade deterioration brought 
about by the depredation of the 
dollar. 

As these factors reverse, and 
as the depreciation of the dollar 
strengthens the competitiveness 
of U.S. goods, some gain in 
market shares is anticipated. 
Real exports arc forecast to 
grow at an annual rate of some 
8.5 per cent over the 12 months 
to mid-1979. while the volume of 
non-oil imports is forecast to rise 
by less than 2 per cent 

Oil imports are expected to fall 
slightly in 1978 as Alaskan oil 
production peaks, but continue 
their upward trend thereafter. 

In 1978 the deficit on trade is 
forecast to reach a level of about 
S36bn, with some improvement 
appearing by tbe first half of 
1979. Assuming some increase 
in the surplus on invisibles, tbe 
deficit on current account could 
be about S19bn this year, falling 
to an annual rate of about $12bn 
in the first six months of 1979. 


Chile air force 
chief to sue 
over dismissal 

By Robert Lindley 

BUENOS AIRES. July 24. 
GEN. GUSTAVO LEIGH, forced 
out of his post as Air Force 
Commander-In-Chief and junta 
member yesterday by President 
Augnsto Pinochet says he will 
take his. case to the courts 
Gen. Leigh did not resign his 
posts but was summarily 
replaced by Gen. Fernando 
Matthet, who was advanced over 
the heads of eight other Air 
Force generals, all of whom for 
this reason have been obliged to 
go on to the retired list. 

One of these eight is Gen. 
Sergio Leigh, the deposed junta 
member’s brother, who said: 
"There has been no change in 
the command .... all of us 
generals support Gen. Leigh. 1 
don’t know wbat Gen. Matthel's 
opinion Is, and 1 don’t care.” 

Gen. Mattbei had said that, 
because be disagreed with Gen. 
Gustavo Leigh's demand for a 
return to constitutional govern- 
ment in Chile within five years, 
be had planned to present his 
resigoation yesterday as Minister 
of Mining and go on the retired 
list Tm sorry.” added Gen. 
Matthei, “ that it has fallen on 
me ” to be Gen. Leigh's suc- 
cessor. 


Budget chief seeks $5bn 
cut in federal spending 


BY DAVID BUCHAN ’ 

A FURTHER sign of the 
Administration’s desire to con- 
vince Congress and the public 
tbat it is serious about curbing 
Inflation came today When Mr. 
James McIntyre, Director of the 
Budget, asked Congress , to cut 
another S5bn off federal spend- 
ing. to bring next year’s budget 
deficit to about $4S-$44bn. 

Urging the. Senate Committee 
on the Budget to be rfgorous\ia 
its review of public expenditure, 
Mr. McIntyre also said that the 
current estimate for 1980- 
federal spending was unaccept- 
ably high. The deficit for that 
year is calculated at $42.1bn. 

Mr. McIntyre said greater 
restraint was appropriate 
because unemployment had 
drooped faster than expected 
while prices were rising rapidly 
— at over 10 per cent at an 
annual rate during the second 
quarter of this year. “Such 
restraint would show tbat the 
Federal Government is serious 
about our anti-inflation pro- 
gramme and would permit a 
better balance of fiscal and mone- 
tary policies," he said. 

As inflation has worsened this 
year, so tbe Administration has 
been successively cutting back 
its targets from the S60.5bn esli- 


WASHINGTON. July 25. 

mate made at the start of the 
year to the S43^44bn target that 
Mr. Mclnyre is now suggesting 
Congress should aim for. • 

■ In evidence to another Con- 
gressional committee today. Mr. 
Barry Bosworth. Director of the 
Council on Wage and Price 
Stability, said that food price 
rises, which moved up in tie 
first fedif of the year at an annual 
rate of 17 per cent, would 
slacken, so that over 1978 as a 
whole tbe rise would be about 10 
per cent. 

Exxon goes deeper 

ExXon has announced that it is 
to drill 1,000 feet deeper than 
the planned 14,000 feet in its 
leased’ zone in the Baltimore 
Canyon, . the newest U.S. oil 
exploration area, off New Jersey, 
our New York staff writes. How- 
ever, In view of the company's, 
silence about its findings so far, 
the significance of this move is 
not yet clear. On the one hand, 
it is argued, Exxon may be trying 
to match the discovery by Texaco 
of hydrocarbon traces at 14.S00 
feet in a nearby zone. This was 
the only encouraging indication 
to come from the area since 
drilling began in March. On the 
other hand, Exxon could be 
seeking extra information 


Congressmen 
pressed over 
arms, sanctions 

By Our Own Correspondent 
WASHINGTON. July 25. 
PRESIDENT CARTER this morn 
mg summoned Congressional 
leaders to a White House break- 
fast meeting in a last-mnute bid 
to rally support for the lifting 
of tbe UB. arms embargo on 
Turkey, and for maintaining 
trade sanctions against Rhodesia. 
Fiercely contested votes on both 
issues were expected in a Senate 
debate later today on the 
Security .Assistance Bill for 1979. 

Evidence of the deep inter- 
national concern about the out- 
come. of the Senate votes came 
today with a message from EEC 
Foreign Miqisters. meeting in 
Brussels, to the Secretary of 
State. Mr. Cyrus Vance, urging 
that the ban on arms for Turkey 
be lifted. Eight of the nine EEC 
member-countries also belong to 
NATO, and the 42-month-old 
arms, embargo has created 
serious strains 
Mr. Powell said that the arms 
embargo vote — which the Presi- 
dent has called the most impor- 
tant single foreign policy issue 
now before Congress — looked 
very close, with neither tbe pro- 
ponents nor opponents of tbe 
arms ban having a majority of 
Senate votes committed before 
the debate. 


S. Africa anger delays UN Namibia debate 


BY OUR OWN CORRESPONDENT 


THE UPROAR in South Africa 
over a proposed Security Council 
resolution that would in effect 
reject that . country's claim fo 
permanent sovereignty over 
Walvis Bay today delayed the 
start of the Council’s formal 
examination of the Western plan 
for a Namibia settlement. 

Mr. Sam Nujoma. president of 
the South West Africa People's 
Organisation, at whose insistence 
Walvis Bay has become the 
subject of a draft resolution 
separate from the one to imple- 
ment the first pbase of the pro- 
posed settlement, conferred here 
urgently today with African 
members. 

Meanwhile, all 15 Council 
delegations were holding further 
consultations tonight, hoping to 
be able to agree on procedures 
for the start of the formal public 
debate tomorrow morning. ' 

Mr. R. F. Pik Botha, the South 
African Foreign Minister, is due 
in New York tomorrow, having 
first announced the cancellation 
of his planned trip and then 
changed his mind. Whether his 
decision to come after all to the 
UN means any softening in the 
South African attitude remains 
to be seen. 

The Prime Minister. Mr. John 
Voreter, in letters to the U.S., 
Britain, France, Canada and 
West Germany, the Council's 
Western members ' who negoti- 
ated the Namibia settlement, is 
said to have threatened to with- 
draw his April 25 acceptance of 
it H the Walvis Bay resolution 
goes through. 

While they acknowledged the 
seriousness of the threat and the 
risk that 17 months of patient 
negotiations with South Africa 
and Swapo might come to 
nothing, Western officials said 
today they still felt thy odds 
favoured implementation of the 
settlement 

The draft resolution to which 


the South Africans take such 
violent exception was drafted in 
Luanda earlier this month as the 
price of Mr. Nujoma’s acceptance 
of the Western plan. 

It goes far beyond what tbe 
West would normally have agreed 
to, but. according to them, docs 
not really prejudice South 
Africa’s right to retain Walvis 
Bay. Namibia’s deep-water port, 
pending negotiations on its 
future with a free Namibian 
government. 

Yet Mr. Vorster and his 
Cabinet colleagues are said to 
consider it a “ double-cross.” 
They seem to have thought that 
Walvis Bay. which is not men- 
tioned in tbe settlement text, 
would not become a major issue 
in the Council disenssions. 

However, it was always a big 
political issue for Swapo, and 
Mr, Nujoma and bis backers, 
including the Soviet Union, are 
not expected' to accept any water- 
ing down of the present text 

This would have the Council 
decide to “ lend its full support 
to the initiation of steps neces- 
sary to ensure early reintegration 
of Walvis Bay into Namibia.” and 
declare that, “pending the 
attainment of this objective. 
South Africa must sot use Walvis 
Bay in any manner prejudicial to 
the independence of Namibia or 
the viability of its economy.” 

The resolution would not be 
mandatory. . Nevertheless, the 
South African Government is 
clearly alarmed by the Westers 
attitude. 

Mr. Donald McHenry, an 
American ambassador to the UN, 
who was the principal Western 
negotiator, said he still believes 
Pretoria will co-operate in carry- 
ing out the settlement proposals, 
which call for United Nations- 
supervised elections leading to 
Namibian independence. But he 
acknowledged it would be touch 


and go. 

Interestingly enough, while it 
was Swapo that until this month 
threatened to make a final accord 
impossible, Mr. Nujoma now bas 
become the “good guy," and Mr. 
Vorster tbe potential spoiler. 

As well as the controversial 
Walvis Bay text there is a pro- 
posed resolution to request the 
UN Secretary-General, Dr. Kurt 
Waldheim, to appoint a special 
representative “ in order to 
ensure tbe early independence of 
Namibia through free elections 
under the supervision and control 
of the United Nations.” 

This resolution, which both 
South Africa and Swapo approve, 
would further ask Dr. Waldheim 
to submit an early report on his 
recommendations for implement- 
ing the settlement and urge all 
concerned to “ exert their best 
efforts towards the achievement 
of independence by Namibia at 
the earliest possible date.'* 

South Africa had hoped to 
bring this about by December 31 
next, but all the delays in nego- 
tiations have made that deadline 
hardly attainable. Some Swapo 
people talk of nationhood for 
Namibia by next may. Mr. 
McHenry is said to feel that 
February or March is a realistic 
targeL 

If the South Africans Stand by 
their April agreement and the 
Western plan goes through. Dr. 
Waldheim will send a team of 
about 49 officials to Windhoek'to 
survey the situation and report 
back for further Council action 
about mid-August 

Mr. Martti Ahtisaari, of Fin- 
land, is his choice for UN special 
representative. The Secretary- 
General Is looking for a comman- 
der for the UN force that would 
take over tbe main respoitsibilty 
for maintaining law and order in 
Namibia during tbe election cam- 
paign. This officer probably would 


UNITED NATIONS, July 25. 

be in the advance survey team. 

A force of at least 5,000 officers 
and men, supplied by small and 
medium-sized countries, would be 
set up. More than 1,000 UN 
officials would be assigned to the 
civilian operation. Their exact 
role has yet to be determined. 

John Stewart adds from Cape- 
town: Western diplomats in 
Pretoria are satisfied that the 
South African government now 
has a better understanding of 
Lbe background and purpose of 
plans to pass a separate resolu- 
tion on the Walvis Bay enclave 
in the Security CounciL 

It has apparently been made 
clear to South Africa that the 
resolution, which pledges inter- 
national support for steps to re- 
integrate Walvis Bay into 
Namibia, in no way represents 
a legal commitment to take such 
steps until an independence gov- 
ernment has been installed in 
the country. 

Although South Africa may 
still have reservations about the 
wording of the draft resolution. 
Western governments have been 
at pains to make it clear to 
Pretoria that it Is not a coercive 
document 

In its initial reading of the 
draft resolution, the South Afri- 
can Government appears to have 
seen the implication that the 
Walvis Bay question had become 
part of the independence pro- 
posals and that the reintegration 
of the port should take place 
immediately or during the transi- 
tional period. 

What the wording implies, in 
fact, is that the Security Council 
will support a Namibian indepen- 
dence government in steps to 
have the port reintegrated. South 
Africa has been told that rein- 
tegration aplies to a future situa- 
tion which can clearly only arise 
after successful implementation 
of tbe settlement proposals now 
accepted bv both South Africa 
and SWAPO. ' 


3 


Carter fi was 

1 

wrong about 
computer 
for USSR’ 

By David Lascellcs 

NEW YORK. Julv 25. 
PRESIDENT CARTER was mis- , 
informed about the capacity of 
the computer, the sale of which 
to the Soviet Union he for- 
bade last week, the manufac- . 
turer claimed today. There 
growing reaction, favourable 
and unfavourable, to the White 
House's tough new i-ommercial . 
policy towards the USSR. 1 

Mr. J. Paul Lyct. chairman of 
Sperry Rand, described as 
erroneous the two main 
grounds Mr. Carter gave at his 
news conference last week for 
preventing the {ffi.Sni >afe — 
that the computer would facili- 
tate a “quantum jump” in 
Soviet processmg rapacity, and 
that its power was excessive 
for the stated Soviet purpose, 
to process news at the 19S0 
Oiympjcs. 

According to Mr. Lyct. the coin- 
puter was comparable lo one < 
his company bad already sold 
to Aeroflot, the Soviet airline, 
to handle booking, and was, > 
therefore, within U.S. guide- 
lines on trade with Communist 
countries. He also said the 
capacity was not excessive, and 
that Sperry Rand Had spent 
tivn years designing the eqi«ip- 
ment to meet the specific needs 
of Tass. 

Mr. Lyet added that Sperry 
Rand's contract with the USSR 
would have given it access 10 
the equipment at a. r l times. If 
technicians found it was 
being put to unauthorised use, 
they would block supplies of 
spare parts. 

Mr. Lyet refused to condemn Mr. 
Carter's decision. "But we do 
question the information that 
led to it.” ho said, adding. 
“Sperry has always complied 
with the wishes of our Govern- 
ment concerning where and 
with whom we s/ioujd trade. 
We will continue lo follow that 
policy.” 

Sperry’s claim came as tho 
Government announced a post- 
ponement of publication of the 
new rules to govern exports of 
oil technology to the Soviet 
Union, but this was apparently 
for technical rather than politi- 
cal reasons. 

These curbs, announced by Mr. 
Carter last week, received an 
angry reaction from Dresser 
Industries, the company whose 
$l44m sale of oil drilling 
equipment bas yet to be fully 
approved. Mr. James Junes, 
the Dresser president, des- 
cribed the action as “sheer 
idiocy, adding, “placing oil 
technology under Government 
control will virtually hand 
American export business to 
foreign competitors on a 
plate.’’ 


Appeal in 
NY Times 
jailing case 

By John Wyles 

NEW YORK. July 25. 

THE New Jersey Supreme Court 
today was to hear an appeal 
against the imprisonment of a 
New York Times reporter and 
the levying of stiff fines 
against the Times company in 
a case which puses an 
important legal test of a 
journalist's right to protect 
confidential sources. 

Mr. Myron Farber, the reporter, 
and the New York Times com- 
pany were declared guilty 
yesterday of civil and criminal 
contempt for refusing to pro- 
vide a murder trial judge 
with confidential notebooks. 
These contained informatiou 
gathered by ter. Farber during 
an investigation into 13 deaths 
at a New Jersey hospital in 
1965 and 1966. 

Mr. Farber’s reports were 
followed by the prosecution 
for murder of Dr. Mario 
Jascalevich who is accused of 
kilting five patients at River- 
dell Hospital in Gradell, New 
Jersey, by giving them lethal 
doses of curare, u powerful 
muscle-relaxing drug. 

Dr. Jascalevicb's lawyers argued 
that they could not properly 
frame his defence without 
access to Mr. Farber’s note- 
books, and on June 30 the 
trial judge. Theodore R. Traut- 
wein. ordered that they be 
given to him so that he could 
decide whether they ought to 
be available to the defence. 

So far Mr. Farber aur the New 
York Times have been unable 
10 carry the case on the basis 
of the first amendment, which 
guarantees freedom of the 
Press, and of so-called shield 
laws passed in New York and 
Neiv Jersey. Altogether same 
26 States have passed such 
laws which are designed lo 
give reporters the privilege of 
refusing to disclose in court 
information obtained through 
news gathering. 

If the shield laws ultimately fail 
to protect Mr. Farber and the 
New York Times, both the 
effectiveness of these statutes 
and the constitutional ability 
of newspapers to withhold 
confidential information will 
be seriously questioned. 

Judge Trautwein yesterday jailed 
Mr. Farber until he handed 
over tho confidential materials 
and sentenced him to an addi- 
tional six months m prison to 
begin after he complied with 
the court order. He was also 
fined 82,000, while the Times ' 
company was fined 5100,000 
and so additional $5,000 for 
each day until it complied With 
the court order. 

Seven hours later a New Jersey 
Supreme Court judge stayed 
the criminal penalties— six 
mouths' imprisonment for Mr. 
Farber and 8100,000 fine for 
the Times 


U.S. COMPANY NEWS 


Japanese payments lift Lock 
heed: Overseas strength boost 
Xerox; Colonial Stores launche 
bid defence— Page 17 


5 


Vandal Times Wednesday JGly 26 T978 


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WORLD TR 




NEWS 



How S. African exporters evade 
Middle East trade boycotts 


BY BERNARD SIMON, IN JOHANNESBURG 


CURRENT EFFORTS to cut off 
South Africa’s oil supplies -have 
spot lighted its trade links with 
the Middle East. Although oil 
imports, valued at around 
Rl.300m (about £Sl2m) a year, 
make up -the bulk of South 
Africa's trade with the region, 
it is the other RlQOin oE annual 
non-oil trade which most taxes 
the initiative and ingenuity Of 
South African businessmen. 

With the exception of Iran, 
Turkey and Lebanon, alL Middle 
Ea>t countries (with the excep- 
tion oF Israel which has strong 
tTade links with South Africa) 
have announced official and often 
strongly enforced boycotts of 
South African goods. 


Obstacles 

Johannesburg traders report 
that. iF anything, the boycotts 
are being tightened. For one 
thing. Government officials in the 
Middle East. especially 
expatriates. are becoming 
increasingly aware of traditional 
sanutions-busting tactics such 
as non-identification of the 
sourer of goods. 

in the past it was usually suffi- 
cient to register a company in 
Botswana. Swaziland or Mozam- 
bique. rent a post box there and 
arrange bogus certificates of 
origin for South African-pro- 
duced goods. 

However. Arab officials are 
apparently now better versed on 
what South Africa’s neighbour- 
ing states do and do not produce. 
The abrupt departure earlier this 
year of an Arab consul based in 
Maputo has been linked to his 
willingness to certify South 
African goods as of Mozambique 
origin. 

Nevertheless, despite these 
obstacles, about a dozen South 
African trading houses are 
actively doing business with so- 
called boycott countries. Tbe 


men involved are'obviously reluc- 
tant to disclose details of the 
nature or the methods of their 

business. 

Although one trader claims 
that bis annual sales to Gulf 
States total about R5m, many 
prefer to restrict their operations 
in tbe region. For- instance, the 
export manager of a .company 
which sells engineered building 
materials asserts- that his bust* 
ness consists mainly -of repairs 
and additions to others’ con- 
tracts. " We would .hate to get 
a major share of the Arab 
market,” he observes. “If we 
did, our competitors would put 
questions into our customers' 
mouths." 

The most common avenue to 
success is through personal con- 
tacts. Several traders claim to 
have easy access to Arab Cabinet 
Ministers. As a director of a 
scaffolding company noted at a 
recent export . seminar, in 
Johannesburg: “If you've got 
the right contacts, you don't have 
to abide by the rules.” 

The variety of South African 
goods finding their way to Saudi 
Arabia. Kuwait, the United Arab 
Emirates, Jordan and occasion- 
ally to other Arab states is vast. 
Kuwait last year bought 
hundreds of thousands of tons 
of building material. Timber 
exports to most of the Arab 
states have soared in recent 
years. 

Fresh fruit and vegetables as 
well as processed and canned 
foods are ordered in relatively 
large quantities from South 
Africa. Frozen chickens and 
eggs are regularly carried to 
states such as Bahrain and 
Dubai. And shipping lines 
openly advertise their calls at 
ports such as Dubai. Kuwait, 
Doha. Basra and Dammam. 

A South African company is 
also hoping for a lucrative order 
for transport equipment from 
Jordan. One executive says that 
the Jordanian boycott, imposed 


last December, is not a general 
one. “It all depends where the 
money comes from,” he observes, 
referring to the fact that pro- 
jects funded by Western coun- 
tries are easier to get a share 
in than those financed by the 
oil states. 


Imbalance 

There is also a fear that any 
substantial involvement by coun- 
tries such as Saudi Arabia in the 
reconstruction of Lebanon — 
where South Africa still main- 
tains a low-profile diplomatic 
presence — could lead to a break 
with Pretoria. For the present 
though, trade with Lebanon is 
insignificant, consisting of little 
more than irregular sales of 
timber and glass. 

Tbe trade balance with the 
Arab countries is heavily in 
Soutb Africa’s favour. South- 
bound trade is virtually non- 
existent, although it is possible 
that a trickle of Arab oil 
readies South Africa- Iraq re- 
mains by far South Africa's 
largest Middle East trading part- 
ner. It supplies at least 90 per 
cent of tbe Pretoria Govern- 
ment's oil imports, and has 
repeatedly said that it regards 
oil sales as commercial, and not 
political. transactions. The 
national Iranian Oil Company in 
fact has a one-sixth stake in the 
Natref refinery at Sasolburg in 
the Orange Free State. 

Iran bought R54m worth of 
South Africa ngoods in 1975-76, 
compared to R30m two years 
earlier and this volume fas 
probably continued to rise. The 
two countries' consulates in 
Tehran and Johannesburg in- 
clude trade promotion officers on 
their staff. Another indication of 
the expansion of non-oil trade is 
the doubling of shipping services 
between Durban and Iranian 
ports in the past few years. Four 


lines now offer regular sailings. 

South Africa's main success in 
the Iranian market has been in 
the field of building materials. 
A RUm cement order was con- 
cluded earlier this year, while a 
joint steel marketing venture, 
known as the Iscor Iran Com 
pany, has been set up. Other 
major exports have included 
BMW cars, dims, hides, wool, 
chickens, refractory materials 
and electronic components. 

Since the then Minister of 
Economic Affairs, Mr. Owen Hor- 
wood. visited Paris and Tehran 
in quick succession in mid-1975, 
there has been considerable 
speculation ' about Frencb- 
Iranian-Souih African co- 
operation on nudear matters, 
including reports that Iranian oil 
sales to Soutb Africa are 
partially paid for with uranium. 


Military 

Many observers believe that 
military co-operation is one of 
tbe cornerstones of South 
Africa's relations with Israel. It 
has been reported for instance, 
that Pretoria has bought a wide 
variety of military hardware 
from Israel including Gabriel 
surface-to-surface missiles. 

What is no secret is that com- 
mercial links between Pretoria 
and Tel Aviv have become 
increasingly close' since tbe visit 
of Soutb African Premier John 
Vorster to Israel in 197S, only 
in recent months has tbis been 
reflected in offidal trade figures, 
however. 

Non-military imports from 
Israel last year totalled R15.3m 
which was in fact Rl.am below 
the 1976 figure. Likewise, 
exports stagnated at around 
R30in. During the first four 
months of this year, however, 
trade has soared. According to 
Israeli figures, imports have 
jumped from R6m to R9ni since 
January-April last year. 


Shell drops Indonesia coal plan 


BY CHARLES BATCHELOR 

ROYAL DUTCH SHELL has 
pulled out of a joint coal mining 
project with an Indonesian com- 
pany and written off investments 
of 850m. 

Shell which has plans to be- 
come a major international trader 
in coal, said this will have no 
impact on its long term planning. 
This set-back is the equivalent of 
shutting down a dry well in oil 
exploration, it said. 

The quality of the coal re- 
serves totalling “several billion 
tonnes ” in Southern Sumatra 
was apparently not good enough. 
The coal was too damp and would 
have had to be upgraded before 
being exported. This would have 
made it uneconomic at today's 
prices, which are low through 
oversupply. 

The total value of the joint 
project with the Indonesian 
state coal company Tarahang 
Batubara was estimated at around 


$1.2bn when the contract was 
signed in 1975, although Shell 
has always refused to confirm 
this figure. The coal will now be 
used for domestic consumption 
in power stations in Indonesia. 
The Indonesian company's loss 
on the venture is difficult to 
quantify since its contribution 
was in the form of providing 
facilities and concessions. Shell 
said. 

Shell may review the situation 
after 1985 but no change in the 
export potential of the Indo- 
nesian coal can be expected until 
then. 

Shell only moved into coal 
exploitation and trading in 1974 
and this division accounted for 
only £28ra or 1.3 per cent of 
capital expenditure last year. It 
has. however, ambitious plans to 
increase volume turnover to 15m 
tonnes in five years time from 
nearly lm tonnes last year with 
a possible doubling to 30m 


AMSTERDAM, July 25. 

tonnes over, 10 years. Total in- 
vestment over the next 10 years 
is put at Slbn. 

Shell last year expanded its 
coal operations which at present 
involve exporting coal from the 
U.S. and South Africa to Europe. 
Construction lias begun at the 
Rietspruit open cast mine in 
South Africa in which the com- 
pany has a half share. It plans 
ultimately to export 5m tonnes 
of coal a year starting in 1979. 
It also acquired two Australian 
mine and exporting companies— 
Thiess Holdings and Austen and 
Butta— as well as the entire 
share capital of Seaway Coal of 
Ohio and Crows Nest Industries 
of Canada which has substantial 
interests in undeveloped reserves 
of coal in British Columbia. Out- 
side North America, production 
of the various coal companies in 
which Shell has a substantial 
shareholding totals about 10m 
tonnes a year. 


Hong Kong’s 
exports down 

By Anthony Rowley 

HONG KONG, July 25. 
TOTAL EXPORTS fell by just 
under 3 per cent to HKS 4.4bn 
in June compared to May, while 
imports rose by HE? 44m to 
HKS 5.1 bn. The visible trade 
deficit increased by nearly one 
third, lo HKS 696m as a result. 

Domestic exports in June fell 
by just over I per cent to 
HKK 3.3bn while re-exports wero 
nearly S per cent down at 
HKS l.lbn. 

June's figures bring the visible 
trade deficit of the Colony in the 
first six months of 1978 to 
HKS 4.Sbn — an increase of 59 
per cent over the deficit For the 
corresponding period of last 
year. 

At around 20 per cent, the rate 
of growth in imports during the 
first half of this year has been 
roughly double that of domestic 
exports although re-expons grew 
at nearly 2'.i per cent. Re-exports 
represented only around a 
quarter of total exports however. 

Japan may join 
Boeing project 

Boeing has confirmed a 
report that it expects to sign an 
agreement ncxL month with a 
Japanese consortium which will 
help pay development costs For 
Boeing's new 767 airliner, 
reports Reuter from Seattle. 

The Japanese will contribute 
about 15 per cent of the costs 
and also build parts of the air- 
craft's wings and fuselage. 
Observers estimate the cost of 
the 767 project at S2bn. 

Anti-dumping 
case refused 

By Our Own Correspondent 

MANILA. July 25. 
THE Ministry' of Finance has 
dismissed an anii-dumpmg 
protest filed by a local manu- 
facturer of lamp bulbs about 
imports from Taiwan. In its pro- 
test. Complex Manufacturing 
Corporation hud claimed that the 
imported lamp bulbs were hurt- 
ing its sales. The item* involved 
are six-volt. 12- volt and 24-volt 
direct - current incandescent 
bulbs for meter vehicles and 
motorcycles. 

The bulbs are made of either 
globular or straight-side glass 
envelopes with single or double 
filaments. 

In dismissing the protest the 
Ministry said there was no proof 
nf iniurv to the domestic market 
being 'serviced by Complex 
Manufacturing., 


Sanctions threat to 
shippers in Nigeria 

BY IAN HARGREAVES AND MARK WEBSTER 


UK SHIPPING lines serving 
West Africa are seeking urgent 
talks with the Nigerian and other 
governments following threats 
of severe sanctions against the 
lines in retaliation against a 
25 per cent increase in freight 
rates imposed in February. 

Mr. Peter Ear lam. chief execu- 
tive of the UK West Africa 
Lines joint .service, said last 
night that he regarded recent 
developments as “ very serious." 

The linos have been given 
four weeks by Nigeria to reduce 
the rate increases and although 
a meeting is being sought in 
August, this is unlikely to pro- 
vide sufficient time for a full 
negotiation between tbe shipping 
lines and the maritime com- 
mittee of Ministerial Conference 
of Central and West African 
States, with which they negotiate. 

Sanctions proposed include the 
withdrawal of special berthing 
facilities for LTKWAL and a 
surcharge equivalent to 150 per 
cent of the freight on board 
value of cargo, which could be 
as much as £5m for a ship with 


a 13.000 freight ton capacity. 

Such measures would clearly 
make continued trading im- 
possible. 

Tbe row between UKWAL and 
the African states has been 
brewing for many months, but 
was aggravated by the February 
rate increase. Similar senctions 
have already been proposed by 
other African states, notably. 
Ghana, but the Nigerian an- 
nouncement is regarded as 
critical because SO per cent of 
UKWAL's trade is with that 
country. 

The situation :s complicated 
by the fact that three of 
UKWAL’S members are African 
State-owned lines, and one 
possible outcome is that these 
lines will simply leave the con- 
sortium and undercut official 
rates. The other members are 
Palm Line and Elder Dempster 
(part of Ocean Transport and 
Trading) of Britain and Hoegh 
Line of Norway. 

UKWAL says the rate increase 
was justified to cover higher 
port and stevedoring charges and 
the falling value of sterling. 


Salonika fair goes ahead 

BY OUR OWN CORRESPONDENT SALONIKA. July 24. 
TWENTY countries and the UN FURXIDEC, an exhibition of 
have so far declared parttcipa- furniture and interior decorating 
tion in the 43rd International to be held from February is to 
Trade Fair of Salonika, to be 25: MARMIN. an exhibition of 
held from September 10-24. marble and ores early in May; 

Mr. George Panayolopoulos, an exhibition for construction 
the Greek Minister of Commerce, ma teria ls also early in May; 
says the earthquake which hit TEXTILIA, an exhibition of 
this northern industrial city on textiles and ready-made clothes 
June 20 caused only minor to be held from May 34 to 28 
damage to some of the pavilions, and again from November 25 to 
These , will be repaired in time 29, and DETROP, a food and 
for the Fair. beverages exhibition to be held 

Countries officially participat- from November 4 to 11- 
! ins in this yearis trade Fair are:. The 44th International Trade 
Albania, Austria, Belgium. Bui- Fair or Salonika will be held 
, garia. Cyprus.. Czechoslovakia, from September 9 to 23. 1979, the 
Egypt, France H u ng ary . Iraq. organisers said. 

italv, Israel, the Netherlands. 

Poland, Romania. Soviet Union, 0 „ . 

south. Africa, Saudi Arabia, b. Korea, Japan deficit 

West Germany, and Y ugoslavia. South Korea's trade deficit with 
Countries ^bich will be repre- Japan almost doubled in the 
sented through Greek companies first half of this year to Sl.554bn 
include Britain, Denmark. East from SS3Qm a year earlier. 
Germany. Japan, Portugal, according to the Korean Traders 
Sweden, Switzerland, Spain, an d Association, 
the UB- The Association calculated that 

This year the Fair will cover unless Japan buys more South 
an area of 55.000 sq. metres, Korean goods in the latter half 
more than half of it j n the of this year, the South Korean 
open air trade deficit with Japan might 

Meanwhile, preparations are exceed S3bn by the year end. up 
i C0 2!L"?- n ® * f ? r . Slx branch from last year’s Sl,778bn on a 
' b, J ,0 " s ndd at the fair customs clearance basis, reports 

| ground in 19,9. These are Ap-DJ from Seoul. 


Arab plan 
for S. Seas 
investment 

SUBSTANTIAL Arab investment 
in the south sea island of Tonga 
— tbe Friendly Isles — is being 
discussed, Dai Hayward writes 
from Wellington. The Tonga 
Minister of Commerce, Baron 
Vaca, recently in Wellington for 
talks with ihe - Egyptian 
Ambassador on possible Arab 
investment by a number of 
Middle East countries, has con- 
firmed this. 

One project is a bulk oil depot 
to enable Saudi Arabia to deliver 
refined oil direct to customers in 
the Pacific region. An initial 
approach on this project has 
already been made to the Tongan 
Government. 

Arab investment in the tiny 
underdeveloped Pacific kingdom 
would be through the .Arab 
League. Four hanks, Arab Inter- 
national, Afro-Arab Development 
Bank, Arabcc Development Bank 
and the Bank of Abu Dbabi, are 
anxious to co-operate. 

Former Saudi Finance Mini- 
ster. Prince Nawaf 3eu Abdul 
Aziz, who now represents Saudi 
corporations and banks as well 
as the Government, will visit 
Tonga In the next few months 
for further talks. 

U.S. exports to USSR 

The U.S. Commerce Department 
has delayed until later this week 
publication of regulations to 
control export of oil-related 
equipment to the Soviet Union, 
reports AP-DJ from Washington. 
The department had planned to 
publish the regulations .yester- 
day, but did not finish writing 
them in time, a spokesman said. 
President Carter last week 
ordered the Department to 
place the equipment under ex- 
port controls in response to the 
trials of Russian dissidents and 
U.S. newsmen. Under the con- 
trol system, sales to the USSR 
will be subject to review in a 
licensing procedure. 

Honeywell deal 

Honeywell’s West German sub- 
sidiary. Honeywell Sondertecb- 
nik, has been awarded a S26.7m 
contract for production of high 
performance infra-red scanning 
systems for aircraft by the' West 
German Air Force, reports 
AP-DJ from Minneapolis. The 
contract is for 91 infra-red 
reconnaissance sets. 

Peugeot Yugoslav pact 

Automobiles Peugeot, part or the 
Peugeot-Citroen Group, has 
announced that it lias signed an 

agreement under the terms of 

which Peugeot shock-absorbers 
will- be made under licence in 
Yugoslavia. 

Co-signee of the agreement 
was the Yugoslav shock-absorber 
company Fabrika Amortizera 
Pristina. based in the Kosovo 
region. The Yugoslav company's 
annual output will be lJm units. 

Weir fresh water plant 

AN ITALIAN .subsidiary of the 
Weir Group is to build two 
I desalination plants at Sirte. 
! Libya, under a contract worth 
1 more than £2m. Each plant will 
extract lm gallons of fresh water 
a day from sea water. 

The Italian company, Sowit of 
Milan, will build the plants as 
part of a bigger power station 
project being carried out by 
Italian contracting engineers. 

Tbe plants win operate on the 
** multi-stage flash" distillation 
process pioneered by Weir, using 
technology developed in associa- 
tion with Weir Westgarlh, the 
group's specialist desalination 
company. 



Water demand ‘may 
slow down by 2000’ 


BY LYNTON MdJUN 

MOVES TO rationalise the 
“patchwork system of charges" 
inherited by regional water 
authorities from local water 
Boards would mean that in the 
interim some commercial 
premises would find they were 
paving suras out of all propor- 
tion to the water services they 
received, according to a report 
From the National Water 
Council. 

Lord Nugent, chairman oT the 
council, said there would be a 
slowdown in demand for water 
to the end of the century, a 
rising average age of water 
systems and a growing propor- 
tion of assets which would 
become dilapidated. 

The slowdown in demand was 
in large part caused by revised, 
lower projections for the popula- 
tion of Britain. 

Lord Nugent said that the 
water industry was not immune 
from economic .pressures. A 
point would come when the 
industry bad “ virtually no 
growth and v.-3s entirely 
dominated by the need to main- 
tain the present system." 

His comments came in the 
Water Industry Review 197S. 
published yesterday, which be 
said was the most comprehensive 
and well-documented review of 
water services ever undertaken 
in Britain. 

The review -.vss written for 
Mr. Denis Howell. Environment 
Minister, in response to bis call 
in October for progress towards 
a national water strategy. It was 
an important step in putting the 
industry's issues into a national 
perspective, but it was not a 
forma! statement of strategy. 
Lord Nugent said. 



Lord Nugent: Review of 
water services “ the most 
comprehensive ever under- 
taken." * 

Planned capital expenditure 
by water authorities in the 
current year was £42Sm, at 1976 
prices and excluding land drain- 
age. The industry planned an 
increase of IT per cent in real 
terms over the next five years, 
subject to Government approval. 

This would be 30 per cent less 
than in the peak year of 1973-74 
immediately before the industry 
was reorganised. The cut 
reflected tlie greater efficiency of 
the reorganised industry. 

Almost half (46 per cent) of 
the Xl.laOm revenue spending in 


1976-77 vent on financing 
depreciation and interest and 
this was part of the reason why 
capital spending had to be 
moderated. 

Only 20 per cent of all capital 
finance in 1974-75 came from 
internally generated finance. 
This was " unusually low and 
steps were to be taken to raise 
this Lo an initial target of 50 per 
cent. There would be a further 
review which could conclude 
that even this was too low. 

The amount of money 
ploughed back into the business, 
at 15 per cent, was also loo low. 
The assets now employed had a 
very high current replacement 
value of £26bn and the possi- 
bility of rising expenditure on 
replacement and renewal 
indicated that water services 
were now underpriced. 

An increase in self-financing 
would increase charges in the 
short run, but would lead to 
greater stability and a more 
realistic charging structure. 
Household bills could rise by 
about 10 per cent " over :« 
number of years.” 

The National Water Council 
3nd regional w*ater authorities 
were “ on the alert for opportuni- 
ties to borrow overseas ” at terms 
and rates more favourable than 
those offered at home by the 
National Loans Fund. 

The industry hud already 
borrowed SSOOm from the 
Iranian Government and S360m 
front the Orion Bank syndicate. 
Loans from the European Invest- 
ment Bank now totalled £154m. 

It'nter Industry fferieir, 2978: 
Xational Wafer Council, 1. Queen 
Anne's Gate. London SWltt BBT ; 
£1’. 


Employees with drink problem 
‘should get more company help’ 


BY KENNETH GOODING 

THE VAST majority of com- 
panies will have among their 
employees neople with drinking 
problems. So companies should 
take a more rational and prag- 
matic approach when dealing 
with these employees, says the 
Wine and Spirit .Association in a 
booklet published today. 

Although individual com- 
panies may respond to alcohol- 
related problems in different 
ways “it is clear that all should 
do so within the context of a 
coherent and fully-considered 
statement of policy." 

Tbis should set out the objec- 
tives. nature and procedures 
involved in whatever company 
alcoholism programme has been 
set up. 

It should encourage employees 
to preent themselves voluntarily 
for advice and should set out 
clearly the company's point of 
view on confidentiality, job 
security, sickness benefits, pen- 


sion benefits and disciplinary 
procedures. 

The association says that "it 
is essential that such a policy 
should be seen to apply equally 
to all those involved in working 
for a company and that there 
should be no discrimination re- 
sulting from high status or 
seniority." 

Other recent work on alco- 
holism has shown that managing 
directors arc 22 times more 
likely to have a drink-related 
problem than the average 
employee. Other high-risk 
occupations include medical 
doctors, members uf the armed 
forces, drinks retailers and 
journalists. 

The wine and spirit association 
says unions should be brought in 
to discuss the policy document 
at the drafting stage so that the 
final version can be seen to 
represent both interests. 

The association adds that 


neither line managers nor union 
representatives are likely to have 
the special qualifications 
necessary to diagnose alcoholism. 
“ This function should be under- 
taken by the company medical 
officer or by a member of the 
occupational health staff, or by 
a specially trained senior 
executive.” 

Introducing the pamphlet, 
and another on Drinking and 
Alcohol Problems. Mr. John 
Plowman, chairman of the 
association’s social aspects of 
alcohol committee. said: 
"Industry has not been facing 
up to this problem— not only in 
the UK but in. other countries 
too." 

Guidelines for the Formula- 
tion oj n Company Alcoholism 
Policy (8Qp) and Drinking and 
Alcohol Problems (£l ): post free 
from the U’S.4. Fire Kings House. 
Kennett Wharf L one. Upper 
Thames St„ London EC4V 3BH. 


Census test 

details 

published 

Financial Times Reporter 
THE OFFICE of Population Cen- 
suses and Surveys yesterday pub- 
lished details of preliminary 
tests which could decide the 
form of the controversial race 
or ethnic origin question in the 
1981 census. 

Field trials since 1975 have 
suggested a basic form for the 
proposed race question and fur- 
ther tests involving three new 
questions and a sample of 1,500 
people are being held. 

The final form of the question 
will probably be decided by Par- 
liament after a full mini-census 
test in April next year involving 
60.000 to 80.000 households. 

The latest Monitor draws atten- 
tion to the particular problems 
encountered with various forms 
of race question and gives details 
of tests so far. 

The office said the main diffi- 
culty remaining with the sug- 
gested race question was “ trie 
apparent reluctance of some 
West Tndian parents to record 
their UK-born children as West 
Indian." 

However, it concluded that it 
was often difficult to determine 
whether this resulted from mis- 
understanding the question or 
from a real objection to describ- 
ing their children this wav. 
Throughout the teats. West 
Indians objected most frequently 
to the ethnic questinn. 

The office said that almost all 
informants said they favoured, 
or were indifferent to. the intro- 
duction of an ethnic question. 

OPCS Monitor. JflSl Census, 
free: OPCS Occasional Papers S, 
L and W, price 80p. 


All-in schools inquiry 
‘would serve no purpose’ 

BY MICHAEL DIXON, EDUCATION CORRESPONDENT 

AN INDEPENDENT inquiry into 
comprehensivcs would hamper 
the schools’ chances of success. 

Mrs. Shirley Williams. Education 
Secretary, said in an official 
report published yesterday. 

■ “I am convinced that there is 
nothing that the educatioo 
system needs more than a chance 
to build on what has happened 
and not to be thrown inLo dis- 


array once again." Mrs. Williams 
said in her foreword to the 
report on a Government con- 
ference on comprehensive 
schools, held in York in 
December. 

“ I hope that we will not go in 
for a major independent inquiry 
into comprehensive schools, 
because I believe that this would 
be to pull up the plant just when 
it is beginning to put out roots." 


More schoolchildren soon 
to qualify for free meals 


BY OUR EDUCATION CORRESPONDENT 


INCREASES OF about 6 per 
cent in the Det income "ceilings" 
below which parents may "claim 
free school meals for their 
children were announced by the 
Government yesterday. 

Given parliamentary approval, 
the ceilings will take effect on 
November 13 with tbe new rates 
of supplementary benefit. 

Families with one child at 


school will be able to claim a 
free meal if their income, net of 
allowances for tax. national 
insurance, rent or mortgage or 
similar payments, is below £40.15 
a week, compared with the 
present £3S. 

The celling for families with 
two children at school win rise 
from £44.15 to £46.75. and that 
for families with three at school 
from £50.30 to £53.35. 


Lakes move to ban lorries 


LORRIES may be banned from 
the A591 north-south road 
through the Lake District 
National Park. 

Cumbria County Council high- 
ways committee agreed yester- 
day that with tbe A66, north of 
the national park, able to take 
heavy traffic from the M6 to 


West Cumbria, they had a com- 
mitment lo ban lorries from the 
A591. 

Tbe committee decided that 
heavy commercial vehicles 
should be banned except for 
access from the seven-mile 
stretch from. Grasmere lo 
Thirlspot 


Defence 
Ministry 
plans 
sales 
push 

By Michael. Domte. 

Defence Correspondent 

TirE Ministry t»r Dfrfence sales 
organisation, headed by Sir' 
Ronald Ellis, is planning 
another big overseas tour this 
autumn using a Royal Fleet 
Auxiliary ship fitted out a a a 
floating exhibition centre for UK 
military goods 0 f ail kinds. 

Last year, the vessel Lync-sv 
visited the Far East and South- 
East Asia, fitted out with exhibi- 
tions and details of (he products 
of up to 56 defence contractors, 
ranging from aircraft manufac- 
turers to those of small elec- 
tronics items. 

This September, the stores 
support vessel Tarbatness, 7.S00 
deadweight tons, will sail to 
Mediterranean ports in Greece, 
Spain and other countries, and 
then to Africa aod South 
America, visiting Nigeria, Brazil 
and Colombia on the way. 

Up to 30 defence contractors 
are being invited to take part in 
the trip, with items ranging from 
Scorpion light tanks, guns, radars, 
sonars and other items ot 
equipment. 

. The ship will carry limited . 
exhibitions for each .products 
and will be supported by con- 
tractors' teams who will fly to 
the countries visited far further 
demonstrations. 

The aim is Lo expand the UK's 
dercncc sales, running at more 
than £600m a year, representing 
about a third ol the total turn- 
over or the defence manufar- ■ 
Hiring industries of about 
£».700m a year. 

But. in spite of the apparently 
high volume of sales, the UK 
stands well behind -the US and 
Russia in arms sales. The latter 
he tween them hold about 75 per 
cent by value of the total world 
market in defence sales — called 
“transfers" by ihe US.-H with 
the UK holding only about 5 r?r 
cent. 

The aim 

The UK’s aim is to sell weapons 
and other items of military equip- 
ent overseas only to countries 
politically acceptable and which 
are not likely to use that equip- 
ment in any aggressive role but 
purely for defensive purposes. 

To help it in its task, the 
Ministry's defence sales depart- 
ment has established a new com- 
mercial wholly-owned subsidiary. 
International Military Services; 
which will help to co-ordinate th# 
activities of companies in private 
industry in winning overseas 
sales and act independently in 
seeking sales. 

• The Ministry's procurement 
executive has awarded new con- 
tracts to UK companies for 
various aspects of the defence 
programme. 

Marconi Space and Defence 
Systems, a GEC-Mareoni Elec- 
tronics group company, has won 
a project definition and initial 
development contract for a new 
radar homing and warning 
receiver for the air defence 
variant of the Tornado multi-role 
combat aircraft. 

Racal (Slough) has won a 
contract to supply a number of 
transportable satellite comnnica- 
tions earth stations. 

MEL. a division of Philips 
Electronic and Associated Indus- 
tries, has been awarded a contract 
for the development of Sea 
Searcher, a new radar system for 
the Navy’s Sea King helicopters. 




^ 5 i i * 
a 


v 


j d 


Field offered 
for £10m 
as airport 

TIBENHAM AIRFIELD. Nor 
folk, a former bomber base 
during the war. has been offered 
for sale for £L0m by the owners 
as an alternative for Norwich 
airport. 

A public inquiry Is being held 
in Norwich into plans for a £5m 
terminal complex at "the city's 
airport, which is three miles 
from the centre, and was an RAF 
station. 

Tlbenham is 22 miles, from 
Norwich and the owners claim it 
would make a better site for an 
airport. 

One ' of the owners, Mr. John 
Abbot of Dereham. Norfolk, said 
yestertlay that there was much 
opposition to Norwich 1 airport 
because of noise and because of 
its close proximity to the city. 

He claimed that the present 
airport, on 500 acres of land, 
could be sold for £40m by 
Norwich City Council and North 
Norfolk County Council which 
own it and the money used to 
develop Tibenham. 

Land at the present airport 
would solve the problem of find- 
ing more housing and industrial 
space for Norwich 


Farmers ‘misuse’ hormone drugs 


BY CHRISTOPHER PARKES 

THERE IS growing concern 
about farmers who misuse hor- 
mone drugs intended .to boost 
beef production. Some inexpert 
beef producers are not applying 
these growth promoters properly 
and may be exposing humans to 
doses of anabolic steroids and 
other drugs whose potential 
dangers are not fully understood. 

Government scientists have 
issued cautious warnings and the 
British Veterinary Association is 
uneasy about the lack of control 
over the use of steroid growth 
promoters. 

Properly used, anabolic agents 
can increase the growth rate or 
beef cattle by IS per cent. About 
20 per cent of the British bcel 


herd is treated with these drugs. 

Dr. R. J. Heitzman, of ihe 
Agricultural Research Council, 
said: “It, is important from a 
public health aspect that implants 
are placed in the correct site at 
the base of the ear so that after 
slaughter any residues in tbe 
tissue immediately surrounding 
the implant may be disposed of.” 

His colleague. Dr. Maurice 
Allen, confirmed yesterday that 
he had evidence that some 
farmers were not using the 
drugs properly. Instead of 
placing the steroid implants in 
the ear. they had been putting 
them in the animals' sbouldors 
and neck. 

Sited just under the skin, most 


v, 


of any residue of these misplaced 
implants should be stripped off 
with the hide. Dr. A]len stressed, 
and he emphasised that iho risk 
of buinans ingesting significant 
amounts of steroids was small 
and should not be exaggerated. 

But Mr. Don Haxby. president 
of the British Veterinary 
Association, was critical of 
farmers' medical skills and said 
that if tbe implants were not 
administered properly they could 
“ finish up in someone's Sunday 
joint. 

** Do-it-yourself medicine Is 
not. to be encouraged” 

He was concerned that Utile 
tissue residue testing was carried 
out as routine in this country. 


Dr. Allen pointed out that 
there were no proper controls 
over the timing of treatments 
with steroids. Although farmers 
were not permitted to treat t&®lr 
stock within a certain period 
before slaughter, this condition 
w'as governed only by trust. 

Used on young animals, 
steroids delay puberty and cause . 
females to develop .male charac- 
teristics, he noted. 

• The u*e of similar drugs by 
athletes keen to put on .weight 
also has caused concern. Tbe 
British Medical Association said 
yesterday the wide range of side- 
effects included deepening 'of the 
voice and atrophy of the breasts- 
in women. . . .. 


JSiiji ■_ 


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s'j££> 






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ffeaQcial Times Wednesday July 26 1978 


HOME NEWS 



m 


CBI will 
mpose 


porker 

% 


■'ll 

• ’ll* 


lirector 

Scheme 

John Elliott, Industrial Editor 

; SPLIT between the Govera- 
t and the Confederation of 
ish Industry over proposed 
strial democracy legislation 
jtely to widen this morning 
a leading industrialists meet 
Edmund Dell. Secretary for 
le. 

iey will tell Mr. Dell that 

are opposed in principle to 
lation providing for trade 
n based consultation pro- 
ires and worker directors, 
iey also oppose trade union 
ibers being given statutory 
[s to sut-h participation 
:h. they consider, should be 
to companies to initiate, 
r. Dell is expected to reply 
the Government intends to 
i to the principles of trade 
in-based legislation laid 
n in' a White Paper two 
ths ago. Civil servants have 
ady started drafting a Bill 
i. subject to any interven- 
gcneral election, would be 
kshed shortly after Cbrist- 

r. Dell will, therefore, ask 
confederation to co-operate 
drawing up ways of making 
proposed legislation work 
lively. 


ideal 

be Government Is sticking to 
-White Paper principles be- 
je there is now considerable 
le union support for the in- 
aial democracy proposals, 
a though many union leaders 
that “the White Paper did 
go far enough. 

he Transport and Getjeral 
rkers' Union, for example, is 
ut to publish a policy docu- 
it calling for workers’ repre- 
tatives to have -the same 
ober of boardroom seats in 
jar companies as share- 
iers’ representatives. It 
- ig too far in providing rights 
irises the White Paper for 
non-unionists to appeal, 
his statement is specially 
itficant because it shows that 
. Moss Evans, the union's new 
reral secretary, is continuing 
h the worker director policy 
-eloped by his predecessor. 
Jack Jones. 

he Confederation’s official 
cy, presented to Mr. Dell in 
ocument this morning, is Tor 
k-up legislation covering only 
iw-Board level arrangements. 
. significant number of com- 
iies oppose even this and the 
Icy met some strong criticism 
?n it was put to the Confede- 
-on’s monthly council meeting 
week for approval, 
he document points out that 
Government has said it has 
ed to achieve a consensus 
the issue. 

t says: “ The CBI membership 
id we believe the country as 
whole) is opposed to any 
islaiion in this field which 
thcr extends the powers and 
Jience of trade unions and 
ich is not based on adequate 
iscnsus.” 

hich legislation would only 
1 to " argument and conflict " 
1 “without the support of 
h managers and employees it 
aid not work." 

Die Confederation wants a 
de of Practice, backed by an 
iployee Pariielpation Comniis- 
n, and says that its stance puts 
:n greater obligation on com- 
iies to develop participation 
■angeiuents voluntarily. 


Camp gas 
hazard fear 

>ME CAMPSITES in Britain 
uld place holidaymakers at 
& with unsafe storage and 
rdcss handling of replacement 
s cylinders, says the Auto- 
italic .Association’s magazine 
'ail. 

The magazine adds that in 
me areas, strict controls are 
■era led. and sites inspected for 
s-cy hnder storage safety. 


Import substitution 
call to fibre groups 


BY RHYS DAVID, TEXTILES CORRESPONDENT 


IMPORT SUBSTITUTION and 
improved, productivity are iden- 
tified as the two main areas 
where Britain's man-made fibre 
producers should take action, in 
a National Economic Develop- 
ment Office sector working party 
report published today. 

The industry, like its European 
counterparts, has been suffering 
from world-wide severe over- 
capacity. 

The report, drawn up as part 
of the Government’s industrial 
strategy, concludes that prospects 
for increasing exports beyond 
the target figure of 45 per cent 
of output by 1980 (compared 
with 41 per cent in 1975) are 
poor. 

A sub-group has already been 
set up to examine the scope for 
further import substitution, not 
only in fibres bnt In man-made 
yarns and fabrics too. It will be 
approaching companies to find 
out where UK manufacturers 
are failing to compete. 

Ways in which efficiency 
couid be improved .will also be 
examined, possibly through new 
maiming agreements designed to 
accommodate the peaks and 
troughs which occur in a cyclical 
industry like textiles. 

The report points oot that the 
industry compares favourably 


with UK manufacturing as a 
whole, but not so well with 
some foreign competitors. 

Faster growth in output per 
head might be required in the 
future to maintain competitive- 
ness. 

Improvements on imports and 
productivity are seen as essen- 
tial if the industry is * 0 over _ 
come the very severe jfroblems 
it has encountered in recent 
years which have brought to an 
abrupt halt its position as a hieh- 
growtb sector with a 12 per cent 
a year growth rate between 1963 
and 1973. 

Since 1973 demand for tax- 
tiles, as for other products, has 
ftllen and the cost of making 
fibres from oil-based products 
has increased. There has also 
been an increase in imports of 
textiles and garments from 
developing countries into 
Europe, so reducing the poten- 
tial home market. 

There has also been a slowing 
down in I he rate at which man- 
made fibres have been replacing 
natural fibres, with the balance 
between the two io the UK— 
roughly 70-30 in favour of man- 
made fibres — remaining more or 
less constant since 1973. 

Provided the industry increases 
and improves its efficiency and 
competitiveness, the working 


party expects production to in- 
crease from 583,000 tonnes in 
1975 to 635,000 tonnes in 1980. 
Exports are expected to be 

386.000 tonnes compared with 

216.000 tonnes in 1975. with 
imports remaining at around 
their recent levels. 

Alan-mode Fibre Production 
Sector Working Parts Progress 
1978. NEDO Boohs, I. Steel 
House, 12, Toth.Hl Street, London, 
SW7H 9LH (free). 

• Closure faces Bradford Col- 
lege's department of textiles — 
one of the world’s leading textile 
training centres. The end could 
come within three or four years 
because of lack of support from 
the industry, ft was claimed yes- 
terday. 

Mr. Michael Whitaker, chair- 
man of the governors of the 
college, said that the department 
was now largely supported by 
its overseas students. Without 
them the classes would collapse 
completely. 

Speaking ar a meeting of the 
Bradford Chamber of Commerce, 
he said a complete re-think Was 
now needed within the Industry 
to decide what they wanted from 
tbe college. 

At present the machinery in 
the department was out of date 
and would cost £600,000 to 
replace. 



Price Commission warns of major 
losses for London Transport 


BY IAN HARGREAVES, TRANSPORT CORRESPONDENT 


LONDON TRANSPORT could be 
heading for annual losses of 
between £30m and £40m unless 
there are rapid increases in 
productivity, a Price Commission 
report warned yesterday. 

The Commission has decided 
not to- oppose the fares increase 
of approximately 10 per cent 
imposed last month, and says 
further fares increases should 
not be restricted. 

In its report, the Commission 
paints a picture of deteriorating 
bus services and points to a 
potentially severe conflict be- 
tween London Transport and 
the Greater London Council 
because of the latter’s decision 
to halve revenue support by 
198L 

Although the Commission 
accepts that the council’s parallel 
announcement of higher capital 
spending to buy improved pro- 
ductivity will have some impact 
in the medium to long term, it 
doubts whether the required 
increase in efficiency from Lon- 
don Transport will be suffiecient 
to make up the necessary lee- 
way in the short term. 

Extrapolating from the 1978 
budget the Commission calcu- 
lates that this could lead to 
josses as high us £40m in 1981, 
compared with an expected 
deficit of £9m this year. 

The Commission suggests that 


tbe council’s guidelines will have 
to be flexible in order to mini- 
mise convict, given that 80 per 
cent of London Transport's 
operating costs are labour 
charges and that these are 
expected to continue to rise in 
real terms because of the com- 
petitive labour recruitment mar- 
ket in the capital. 

In spite of this, the Commis- 
sion believes productivity can be 
improved by maintenance 
engineers ^agreeing to weekend 
working and by more flexibility 
from bus and train drivers and 
conductors. It says that further 
switches to ooe-man operation 
on buses are unlikely to yield 
large benefits. 

Buses are the subject of most 
of the report’s criticisms on 
quality of service. It quotes 
internal London Transport 
studies showing that passengers 
are having to wait longer at bus 
slops and notes that the last 
generation of double-deck buses 
are only half as reliable as the 
previous models- built to London 
Transport desigi\. 

It says the latest generation, 
including the Leyland Titan and 
Metro-Cammell Metrobus, pro- 
vide “ good prospects of im- 
proved reliability and lower 
maintenance costs.” 

Improvement of bus services 


cap only result, the report con- 
cludes, from a “sustained and 
well co-ordinated effort." involv- 
ing better productivity, recruit- 
ment and traffic management. 

The Commission believes that 
recent evidence of large-scale 
passenger switches from under- 
ground to bus, caused by rela- 
tively cheaper fares, could indi- 
cate needless duplication of ser- 
vice on some routes, but applauds 
tbe flexibility of bus-route plan- 
ning. 

London Transport is criticised, 
however, for loading fare 
increases more heavily on to 
underground season ticket 
holders. Further action of this 
type would be “difficult to 
justify.” 

Tb GLC is blamed for forcing 
London Transport to freeze fares 
for children and old people. 
Requirements to reduce revenue 
on social grounds should be 
covered by special grants, says 
the report The Commission also 
bints that tbe council and tbe 
Government should work towards 
a system of more stable financial 
support, of the kind made avail- 
able by Government ' to British 
Rail. 

London Transport Executive — 
Increases in Passenger Fares. 
SO £2.60. 


Coca-Cola re-shuffle: two quit 


BY KENNETH GOODING 

TWO directors are leaving Coca- 
Cola Southern Bottlers, the 
Grand Metropolitan subsidiary, 
as a result of the steps tbe 
parent company is taking to 
rationalise its soft drinks 
interests and make them more 
effective. 

Tbe group is to merge Coca- 
Cola Southern. .which has the 
franchise in sonthern England 
for the Coke. Fanta. Tab. 
Fresca and Lilt brands, with 
Ca ntrell and Cochrane fGB). 
the Club soft drinks concern of 
which it took control in January 
this year. 

A new holding company is 
being formed to own both con- 
cerns which will continue to 
trade separately for a while. But 
studies have begun to explore 
the potential for co-operation. 

Mr. Hubert Carter, chairman 
of Cantrell and Cochrane, who 
will be chairman of the new 


holding company, CC Soft 
Drinks, suggested this might 
involve an exchange of products, 
with each selling the other’s 
brands and possibly manufac- 
turing rationalisation. 

C and C has plants at Sunbury- 
on-Thames. Southfields in south 
London and Southport in the 
north of England. Coca-Cola 
has its main base at Edmonton 
and other units at Lewisham. 
Coulsden, Norwich and Bristol. 

“All the options open to us 
will lead to expansion . and 
greater sales so there should be 
very few redundancies.” 

As a result of the initial 
changes, though. Mr. W. T. Riley, 
managing director of Coca-Cola 
Southern, and Mr. M. R. Gaines, 
production director, are to leave 
the. company. It is understood 
that they are taking early retire- 
ment and will receive compensa- 
tion. 

Mr. Carter suggested the 
studies about the future of the 


two soft drinks businesses— both 
profitable operations — would 
take at least until the beginning 
of next year “to avoid precipi- 
tately changing two already suc- 
cessful existing operations.” 

Grand Met. has owned Coca- 
Cola Southern for some years 
because it is a subsidiary of 
Watney, Grand Met’s brewing 
business. But ft was only in 
January this year that Grand 
Met. took control of Cantrell and 
Cochrane by paying £225m for 
the 38 per cent shareholding pre- 
viously owned by Cadbury 
Schweppes, thus taking its in- 
terest in C&C to 67.5 per cent. 

By injecting Coca-Cola 
Southern Into the new bolding 
company. Grand Met. will get 
shares in return and own about 
86 per cent of CC Soft Drinks 
with Courage, the Imperial 
Group's brewing subsidiary, 
having 12 per cent, and another 
brewing group. Greene King, tbe 
other 2 per cent 


Pensions trend forces break in 
150-year link 



m 


TANDARD LIFE Assurance’s 
vision to cease trading hi 
anada. after Dearly 150 years of 
iterations there, took the life 
ssurancc market by surprise. 
The company had an office in 
■.ueboe before ti lied tine hi Lon- 
on and its tics with the country 
a vi* been strung. Sentiment 
purl, its business has grown 
apidly in recent years and has 
cen paying its way. All seemed 
/ell, at least on the surface. But 
here was a different picture 

« ’'Cbind the scenes. . 

)\ Most of the recent growth in 
•msiness has been in pensions, 
’he company has always been 
lominant in company pensions, 
‘rimarily through non-profit 
whenips providing high financial 
uiarantees. Because of the 
irowlh of that business, tne 
Canadian portfolio has become 
tfery much uut of balance 
between individual life and com- 
pany pensions. 

That, as long as the Canadian 
business was treated as part 
Standard Life's overall portfolio, 
was acceptable. The UK policy- 
holders provided the necessary 
asset backing to cover the Wen 
financial guarantees, and tne 
Profits from its non-profit pen- 
sions business enabled the com- 
pany to declare a very competi- 
tive bonus rate on its with-profit 


individual business. 

However, fashions change in 
pensions. Guarantees have to be 
paid for and many employers are 
now prepared to carry tne 
guarantee themselves rather than 
looking to the life company to 
provide it. Employers want the 
life company to provide invest- 
ment management services only, 

and the managed-fund c ° nc f ptT 
under which pension funds buy 


charges for its services, out of 
which it has to meet its manage- 
ment expenses, and business is 
very competitive. 

Had the trend towards man- 
aged funds continued. Standard 
Life would not have been able 
to maintain the bonus level on 
individual with-profit business 
and keep its existing branch 
network. Life business has a 
high expense ratio; the 


News analysis: Eric Short reports 
on Standard Life’s withdrawal 
from Canada 


units in various funds managed 
by the life company, has grown 
in popularity in Canada. 

Standard Lifers experience has 
been no exception. A 
its Canadian assets are jd man- 
aged funds. That changes the. 
look of the situation. 

There is no need- to boost the 
underlying asset Peking, 
because managed funds are by 
nature self-financing. But the 
profits from pensions bonnes* 
of this kind are tnueh lower than 
those available on non-profit 
S.cs The Ilf. coatW 


individual life market in Canada 
has been dull for years; and 
there is no prospect of improve- 
ment 

Standardise would have been 
faced with three options, had the 
profits from -pension business 
declined — a potential hazard 
that bad not occurred. 

It could cut its branch net- 
work, saving on administration 
expenses to the detriment of 
existing staff. Or it could cut the 
bonus rates, undermining its com- 
petitive position. Or it could 
subsidise the bonus rate from 
profits belonging to UK policy- 
holders, thereby under mining its 


competitive position In the UK 
A fourth possibility was offered 
by Manufacturers Life Insurance 
Company. Standard Life was 
offered the chance to transfer 
the business to another life com- 
pany and cease operations. 

That is the course tbe company 
has taken, in the hope that it 
will satisfy everyone. 

Canadian policyholders have a 
guarantee of the bonus on their 
contracts for the next five years. 
The existing staff have a guaran- 
tee of employment. Since there 
are more than enough assets in 
Canada to cover the liabilities, 
including the guarantees, UK 
policyholders need pay nothing. 

In addition to the business 
arguments. Standard Life appears 
to have become steadily more 
disenchanted with the regula- 
lations imposed by the authori- 
ties in Canada and by the parti- 
cular drawbacks to operating in 
Quebec Province. The decision 
of Sun Life of Canada to move 
its head office froip Montreal to 
Toronto because of the new 
language laws indicates difficul- 
ties facing life companies that 
are not effectively running 
separate operations in Quebec. 
Manufacturers Life, in particu- 
lar, has made its Quebec opera- 
tion almost completely franco- 
phone. 


General 
Motors 
puts £5m 
more 
into UK 

BY TERRY DODSWORTH 

GENERAL MOTORS is injecting 
another £5m into its motor com- 
ponents manufacturing business 
in the UK with a two-year 
programme to expand its oil and 
air filter plant in Southampton. 

The announcement of this 
Investment comes only a few 
weeks after tbe company decided 
to go ahead with a plan to move 
into seat-belt production in 
Europe at a factory in Northers 
Ireland. 

It gives another clear indica- 
tion of the company’s intention 
to expand, on the components 
side of the industry, both to 
develop its total business and 
to build- capacity for a substan- 
tial growth in its own car 
manufacturing. 

The Southampton investment 
Involves a ' £4.3 m project to 
rationalise and consolidate exist- 
ing facilities while increasing 
output of oil filters from 13m 
units to 20m. 

Steady jobs 

A further. £800,000 is being 
spent on expanding the injection, 
moulding facilities by 50 per 
cent, improving plant heating 
and on an energy conservation 
programme. 

Tbe company, which trades 
under the AC Delco name, said 
yesterday that the plan would 
ensure continuing employment 
for the 1,500 workers at 
Southampton » 

There is a dear possibility of 
an eventual expansion in employ- 
ment since the. investment plans 
should consolidate tbe company’s- 
aim to become the leading auto- 
motive filtration manufacturer 


Investments of 
Welsh agency 
now £9.1m 

By Our Welsh Correspondent 

THE Welsh • Development 
Agency's investments In industry 
totalled £7.6m involving SO 
businesses -during the first two 
years -of its operations. 

Disclosing this in its animal 
report, published yesterday, the 
agency said that its investments 
included its first £Im stake in a 
single company — John Williams 
Foundries of Cardiff— and its 
first majority holding jD a Welsh 
enterprise — 60 per cent of the 
equity of -a new company, 
Williams Automatic Revenue 
Control, of Wrexham, formed to 
manufacture a new type of 
ticket-vending and security gate 
system. 

The agency also spent £l4.8m 
in the last financial year on in- 
dustrial estates and premises. 

Commenting, Mr. Ian Gray, 
managing director of the agency, 
said that since tbe end of tbe 
financial year, tbe totaJ invest- 
ment figure had risen to £9.1m 
and a further 53 factories 
throughout Wales totalling 
440.000 square. feet of space had 
been allocated to incoming 
businesses. 


Shell wins national 
management contest 


SHELL TJK yesterday won the 
1978 national management 
championship. Second and 
fourth places In the final, 
•played In London, went to IBM 
teams, with chartered accoun- 
tants Thornton Baker third, 
writes Michael Dixon. 

The Shell team, which 
received a £1,000 cheque and 
subsidiary prizes from Mr. 
Harold Lever (Chancellor of 
tbe Duchy of Lancaster, will 
represent the UK in September 
at the annual European 
management championship in 
Stockholm. 

Tbe winning players, from 
left to right, are Nigel Warner, 
Steve Phillips, Gijs Surie, Lech 
Zwierzynskj and Geoff Brown. 

With only one of the com- 
puter-based contest’s six 
trading periods to go. Shell was 
lying third behind IBM and 


Thornton Baker In one of the 
closest straggles In the nine- 
year history of the champion- 
ship. 

But the Shell players’ final 
decisions on prices, marketing, 
production and so on advanced 
their “paper” consumer- 
durable company to an 
accumulated profit of £8.lm. 

“The Boffins”— one of the 
teams of systems analysts and 
programmers from IBM at 
Costa am — finished with £7.9m. 
Thornton Baker accumulated 
17.5m, and the IBM “Isis” 
team had £7.4 m. 

The competiltou is sponsored 
by the Financial Times, 1CL 
and the Institute of Chartered 
Accountants in England and 
Wales, in association with the 
Confederation of British 
Industry and the Institute of 
Directors. 


Big rise 
in brick 
production 
last 
month 

6y Our Own Correspondent 


BRICK PRODUCTION ruse sub- 
stantially in June, according to 
provisional figures yesterday 
from the Department of the 
Environment. 

Production during the month 
totalled 444m. against 402m in 
May and 435m a year earlier. In 
Ute months April to June, output 
was 3 per cent lower than in the 
preceding quarter and 7 per ivut 
clown on ibe corresponding 
period in 1977. 

According to the department, 
deliveries io customers in June 
also rose, from 4Slm in May t« 
52lm. A year before, they 
reached 435m. In the latest 
quarterly period, deliveries were 
16 per cent up on the previous 
three months and S per cent 
higher than a year before. 

At tbe end of June, brick 
stocks stood ut 820in, 77m less 
than in May. They were 5m 
higher than in June 1977. how- 
ever. 

Cement deliveries in the UK 
averaged 321,000 tonnes a week 
during June, a rise yf 15.000 
tonnes weekly from May and uf 
25,000 tonnes from June 1977. 
Production, at 329,000 tonnes a 
week, was up by 4,000 tonnes 
weekly on the month before. 

Slocks of cement at the end of 
June stood at 294.000 tonnes 
against 322,000 tonnes in May 
and 319,000 tonnes a year earlier. 


NATIONAL COAL BOARD ANNUAL REPORT 

Ezra gloomy over immediate 
future as mine costs rise 


BY JOHN U-OYD 

THE COAL Industry is in trouble 
again. Sir Derek Ezra, the 
National Coal Board's chairman, 
admits to some gloom over the 
immediate future. 

. He writes in the board’s 
annual report, published yester- 
day: “Financial prospects for the 
year 1978-79 show signs of in- 
creasing difficulty. Costs con- 
tinue to rise. At the same time 
the market weakness in the key 
sector of coking will continue to 
depress revenue. 

“The industry undoubtedly 
faces a demanding task in main- 
taining viability in such circum- 
stances.” 

Viability was defined by Sir 
Derek as everything over break- 
even. Break-even is not a simple 
concept in itself — as has been 
seen in recent weeks when the 
rash of nationalised industries' 
reports show that creative 
accounting can knock large sums 
off otherwise vast profits by 
supplementary depreciation for 
inflation. 

In the coal board’s case, it has 
not gone in for any of the “fancy 
accounting procedures.” as Sir 
Derek robustly dismissed them. 
It depreciates its assets on the 
basis of historic cost as it bas 
always done and it will wait 
until some generally accepted 
standard of accounting emerges 
before it does otherwise. 

But, it does seek to be 50 per 
cent self-financing. Last year it 
was over 37.5 per cent self- 
financing, a fall on the previous 
year’s 44 per cent. But that 
37.5 per cent has meant that 
£126.6m was retained in tbe 
business. 

Sir Derek was not optimistic 
about meeting tbe 50 per cent 
target this year. “ It depends on 
productivity. If we can get a 
general productivity increase of 
3 per cent, we might do it. If 
we don’t, we wont.” 

Just nine months ago extra 
productivity, to be achieved 
through the juicers’ incentive 
scheme, was being. billed as the 
industry's saviour. In practice it 
has been less dramatic. While 
increases of 9 per cent in produc- 
tivity are being registered for 
face workers, and over 12 per 


cent for those working on drive- 
ages (tunnels to fresh workings) 
the general rate for all Coal 
Board workers is still only 1.5 
per cent better than before the 
agreement. 

There have been a number of 
little local difficulties, which 
have contributed to this low rate, 
but the point is that tbe incen- 
tive scheme is about effort, not 
about production. This means 
that miners on difficult seams 
sometimes can get paid more for 
digging less coal than those on 
easier seams. 

It remains to be seen if in the 


NCB COAL SALES BY MARKETS 
Million tons 

1977/8 1976/7 

Power stations 75.7 75.1 

Coke ovens 14-5 17.8 

industry 10.8 10.8 

Domestic • .7.7 7.6 

Manufactured 

fuel plants 3.2 32. 

Other inland markets 
and own use 4.4 4,2 

Exports 1.8 1.5 

Total 118.1 1202 


long run the scheme can be 
seen to work: Sir Derek thinks 
that 9 per cent improvement at 
the face is a good start. 

A much more intractable 
problem is at the marketing end. 
Coking is certainly the biggest 
headache in the short run. The 
disposals of coking coal over the 
past financial year stood at Jess 
than 14.5m tonnes, down more 
than 3ra on the previous year 
and about 5m down on what the 
board had come to regard as its 
normal levels. 

The three secondary markets 
— domestic, industrial and. a long 
way behind, exports — are almost 
unchanged from the previous 
year: only exports show a 
significant rise, from 1.3m to 
2.5m tonnes. It is the elec- 
tricity market, which really 
counts— and thereby hangs the 
most delicate problem of ail. 

Tbe electricity industry— the 
Central Electricity Generating 
Board and the Souih of Scotland 
Electricity Board — will take just 
more than 80m tonnes of coal 


this year, up by 4.5m tonnes on 
the year just passed. But much 
of that is being put into stock: 
it is not being burned. The 
negotiations between tbe cual 
board, generating board and 
Government are aimed at trying 
to get the power stations to burn 
more now. 

In the first quarter of the 
current financial year, sales tn 
the electricity industry stood at 
20.75m tonnes: however, the 
coal burn stood at only 18.5 m 
tonnes. If this kind of shortfall 
— wilh its obvious implications 
for rising stocks— continues, the 
generating Board and the Scottish 
Board will obviously not buy the 
same level of coal again in 1979, 
because they will have plenty in 
band. 

Oil looks good at tbe moment, 
because of the OPEC price freeze 
and the depreciation of the 
dollar: coal will have to he made 
considerably more attractive to 
compete and to rise up suffi- 
ciently in tbe Board’s merit 
order for sales not to fail. 

It is fair to surmise that coal 
throughout tbe UK may well 
attract next year the kind of 
subsidies it does in Wales and 
Scotland. About £5.4m bas been 
spent on these subsidies. The 
Government is much behind the 
coal industry on this issue and 
Sir Derek probably has linle to 
worry about. But the price to be 
paid may b e considerable. 

The message of the report is 
one which has begun to he 
apparent over the past few 
months. It is that while the 
industry remains on a much 
higher level than before the 
1974 Plan for Coal— now supple- 
mented by the next phase. Coal 
to the Year 2000— significant 
problems are showing them- 
selves and will call for stringent 
action, not just from the board, 
but from the Government, too. 

Tbe board is facing a future 
where oil supplies will be 
diminishing, where gas will be 
expensive and where nuclear 
power will almost certainly not 
fill the energy gap — but that 
stage begins in the late 80s at 
tbe earliest, and possibly not 
even until the 1990s. . 


Jane Austen Ms sold for £38,000 


JANE AUSTEN’S autograph 
manuscript of The Watsons was 
told to an anonymous buyer for 
£38.000 at Sotheby’s, London, ys- 
terday. against a top estimate of 
£35.000. 

All other known literary manu- 
scripts by Jane Austen are either 
in public collections or have 
been sold recently through the 
same bouse.- Yesterday’s manu- 
script was newly brought back to 


SALEROOM 

BY PAMELA JUDGE 


England from Canada where 
Joan Austen-Lelgh, a descendant 
of the author, was the owner. 

Tbe deal was one in the second 
day ’s sale’ of similar items which 
totalled £118,084 bringing lie 
two-day sum to £291,667. 

Alfred • Edward Housman’s 
autograph notebook’ containing 
notes and drafts for passages of 
his 1933 lectnre The Name and 
Nature of Poetry was sold to 
G. S. McManus of Philadelphia 
for £5,500 and another notebook 
containing Characteristic Objur- 
gations Saved up for Future Use 
was bought by the Saule dealer at 
£4,200. 


Dickens’s autograph inventory 
of the library and contents of 
his house at Devonshire Terrace, 
London, attracted £3,500 from a 
private buyer. Many Scots will 

he hoping that Colin Franklin, of 
Abingdon, was acting for some 
fellow interests when tbe dealer 
gave £2,500 for Burns’s break- 
fast table. 

Locks of Byron's and Brown- 
ing’s hair went for £100 and £220 
respectively to anonymous 
buyers. A letter by Benjamin 
Haydon arranging the first meet- 
ing between- Keats and Words- 
worth fetched £L200 from D. 
Katz. Eton College Library was 
successful at £1,450 for a collec- 
tion of letters and lettei>cards by 
Thomas Hardy. 

Oriental ceramics and works of 
art sold by the same house made 
£38,753. Tbe highest price was 
£920 for a blue glazed Swatow 
dish of the late Ming dynasty. 
Sotheby's Belgravia auctioned 
Victorian paintings, drawings 
and watercolours to the sum of 
£37,423, and tbe major price was 
£750 for a shipping scene. 

One of tbe more bizarre items 
to go through London yesterday 
was at Christie's where the 
Aretians Rugby Football Club of 
Bristol sold its club trophy — an 



A gateleg breakfast table 
Robert Burns which was sold 
for £2,500 at Sotheby’s. 

Ejagham skin - covered wood 
head. The trophy had its origins 
with the Ekoi tribe of the Niger 
River delta and It was bought 
for £550 by lan Auld. 

The sale of tribal art realised 
£22,925 and included a Peruvian 


gold funerary mask at £1,150, 
Sold by Lord Astor of Hever, two 
gold snuff boxes went to 
Blenheim Antiques for £9,000 
each in a sale of objects of verlu 
and Russian works of art. 

One box was in the farm of 
Napoleon’s hat and the other 
was painted to depict an artist's 
studio with the sitter posing as 
Diana and a protesting Cardinal 
to one side. A collection of chess 
sets made £5.856 between them. 

The sale by Christie’s of the 
remaining contents of Eastwell 
Park, Ashford. Kent, finished 
yesterday— making £41.221 on 
the day and bringing the two-day 
total io £222.163. 

Panelling in the sale fetched 
£5,876 and Continental interests 
bought two collections of copper 
jelly moulds at £520 and £280. 

At Christie's, London, jewel- 
lery was sold for £20.438. A 
diamond scroll design ring with 
two large solitaires went for 
£2.500. 

A French silver canteen for 12 
people made £2,500 at Bonhams 
where ail the silver totalled 
£32,193. A pair of Armada 
flagons were bought for £1,900 
and a four-piece Art Deco tea 
set on a matching tray was sold 
at £1,500. 


f 



Financial Times Wednesday July 26 1978 


LICENSING AND SUPERVISION OF DEPOSIT-TAKING INSTITUTIONS 



tronger powers for the Bank 


LABOUR NEWS 



TWO DRAFT Bills published by 
the Government yesterday cover 
the supervision and regulation of 
banks and deposit-taking institu- 
tions, and credit unions. 

It is intended that they should 
be introduced as soon as Parlia- 
mentary time permits, and could 
be amalgamated to form a single 
Bill. 

Meanwhile, the Government 
has invited comments on the 
tests of the two draft Bills, 
particularly related to technical 
aspects. The general policy which 
they embody has already been 
subject of wide consultations, but 
the Government said it was also 
willing to consider further 
general representations. 

The draft Banking Bill is 
intended to give effect to the 
policy which was set out in the 
White Paper, the Licensing and 
Supervision of Deposit-Taking 
Institutions, which was pub- 
lished in August 1976. 

lis main provisions confirm 
and strengthen the position of 

the Bank of England as the 

supervisory authority; they set 
up a two-tier system of banks 
and licensed deposit-taking insti- 
tutions: they limit the use of 
the name “bank”; and they set 
up a new deposit protection 
fund to help small depositors in 
institutions which meet difficul- 
ties. 


are set out on a separate 
schedule to tire Bill (schedule 2) 
and there wtti he a number of 
exceptions from the prohibition 
on deposit taking which are 
listed in Schedule 1. 

The basic definitions of the 
Bill are drawn in such a way as 
to exclude from the scope of the 
prohibition such transactions as 
advance or part payments in 


Reports by 
Michael Blanden 


Exceptions 


The Bill provides that it will 
be an offence for institutions to 
take deposits unless they have a 
licence to do so from the Bank 
or have been recognised as a 
bank by the Bank. 

Thi- criteria for recognition as 
a bank, or for being licensed. 


respect of goods and .services, 
borrowing from recognised banks 
and licensed Institutions them- 
selves, transactions within a 
group of companies and issues of 
debentures and similar securi- 
ties by ordinary trading 

companies. 

The primary banking sector 
has long been supervised by the 
bank on a non-statutory basis, 
and the bank has recently in 
evidence to the Wilson Com- 
mittee on the financial institu- 
tions emphasised Its view of the 
value of this kind of supervision. 

In recent years the bank has 
informally extended the range of 
its supervision, largely as a 
result of the problems thrown 
up by the fringe banking crisis, 
to a number of other deposit- 
taking institutions. 

The Bill will give this super- 
vision a statutory basis and will 
extend it further, with only a 
few exceptions, to all institutions 
which take deposits from the 
public. 


The main exception will be the 
building societies which are 
already subject to regulation by 
the Registrar of Friendly 
Societies. 

Further discussions are in 
progress about the legislation 
which will be needed to bring 
the building societies within the 
scope of the EEC directive on 
credit institutions. This requires 
a licensing system to be set up 
for all deposit-taking 
institutions. 

The Bill sets out criteria and 
procedures for the recognition 
and licensing of banks and 
deposit-taking institutions by the 
bank. It covers the reasons for 
and the ways in which recogni- 
tions or licences can be revoked 
or made the subject of 
conditions. 

The Bank is required to make 
an annual report to the 
Chancellor of the Exchequer on 
its activities under the legisla- 
tion and the principles on which 
it acts in applying the criteria 
set out Every report will con- 
tain a list of the institutions 
recognised or licensed under the 
Act at the end of the financial 
year at the end of February. 


Appeal 


The draft Bill provides for an 
appeal procedure by any institu- 
tion which is aggrieved by a 
decision by the Bank to refuse 
recognition or a licence, to 
revoke recognition or a licence 
or to give directions to an 
institution. 

The appeal will be to the 
Chancellor. There will be a 
further appeal on points of law 
to the courts- The Bill also 
provides for close protection of 


the strict confidentiality of 
information obtained for the 
purposes of the legislation. 

The Bill also sets out the 
duties of licensed institutions to 
notify changes of directors and 
to make audited accounts avail- 
able for inspection. 

At the same time, it gives the 
Bank powers to obtain informa- 
tion and require the production 
of documents, and to appoint 
“ one or more competent persons 
to investigate the report to the 
Bank on the state and conduct 
of the business of the bank or 
institution concerned, or any 
particular aspect of that 
business." 

The draft Bill sets out 
provisions covering and restrict- 
ing the use of banking names. As 
a general rule, only recognised 
banks will be allowed to use 
banking names or otherwise to 
describe themselves ns banks or 
bankers. 

Other institutions allowed to 
use the name include the Bank 
itself, a trustee savings bank, 
ihe Central Trustee Savings 
Bank and the Post Office, in the 
exercise of its powers to provide 
banking services. 

The provisions do not, how- 
ever, prevent licensed deposit- 
takers from using the term bank 
where this is necessary for the 
purposes of other statutes, such 
as the right to claim the protec- 
tion of the Cheques Act. 

There is also a special pro- 
vision covering savings and 
municipal banks, allowing them 
to use a name or description 
indicating that they carry on a 
banking business provided that 
they make it clear that the insti- 
tution involved is a savings bank 
or a municipal bank. 


This provision covers the 
National Savings Bank, any 
penny savings bank, savings 
banks established before July 28, 
IS63, under a special Act apply- 
ing to Scotland which has not 
since become a trustee savings 
bank, and the British Railways 
Savings Bank. 

The Bill also contains provi- 
sions aimed at the control of 
misleading advertising. These 
allow the Treasury, after consult- 
ation with the Bank, to regulate 
the issue, form and content of 
advertisements inviting the 
making of deposits, by statutory 
instrument. 


Public service unions 
rp.iect 5% uav limit 


^ ! 

* 1. 3 i 


I** 


* i ? 


BY OUR LABOUR EDITOR 


Misleading 


Subject to certain conditions,! 
if the Bank considers that an; 
advertisement for deposits issued , 
or proposed to be Issued by a j 
licensed institution is misleading! 
it may give the institution con-i 
cemed a direction under this 
section of the Bill. 

A section covering fraudulent 
inducement to make a deposit 
provides for a sentence of up to 
seven years, a fine, or both under 
the legislation. 

This covers “any person who, I 
on or after the appointed day, by 
any statement, promise or fore-j 
cast which he knows to be mis- 
leading, false or deceptive, or by 
any dishonest concealment oE 
material facts, or by the reckless 
making (dishonestly or other- 
wise) of any statement, promise 
or forecast which is misleading, 
false or deceptive," induces or 
attempts to induce another 
person to make a deposit or To 
enter into or offer to enter into 
any agreement for that purpose. 


TWO BIG public service unions 
vesterdav came out against the 
Government's 5 per cent general 
wage limit for Stage Four, on 
the eve of A pre-election 
demonstration of unity by the 
TUG and Labour Party. 

The National Union of Public 
Employees, with a claimed 
700,000 membership, said 5 per 
cent fell far short of what 
workers needed after three 
years of wage restraint, and con- 
demned out of hand the Gov- 
ernment’s concession to the low- 
paid. 

The union, which at this 
autumn's TUC will be calling 
for a minimum wage target of 
two-thirds average earnings, will 
be one of the first to test the 
Government's resolve in negotia- 
tions for local authority manual 
workers whose settlement is due 
in November. 

Its executive council said that 
the limit would both discrim- 
inate against the public sector 
and create dual standards within 

“Favoured groups — including 
the armed forces. Ihe police, 
doctors. dentists. university 
teachers, senior civil servants 
and the heads of nationalised 
industries — are given preferen- 
tial treatment to restore their 
relative income while similar 


consideration is denied to the 
vast majority of luw-p&Hl 
workers' m the public services." 

The White Taper says those 
workers who even after a 5 per 
cent deal would sot reach earn- 
ings of £+4.50 a week will be 
allowed to try t0 negotiate up 
to this limit. _ , 

The union stops short of 
threatening a breach with the 
Government calling for a return 
to free collective bargaining, but 
also co-operation between the 
Government and unions in deve- 
loping another economic strategy. 

Meanwhile the 916,000-memtwr 
General and Municipal Workers 
Union said after an executive 
council meeting that the 5 per 
cent was “ unnecessary and 
counter-productive.” 

H imposed a rigidity that 
would cause more problems than 
it solved. The union also called 
for an agreed economic strategy 
that made wage ceilings unncccs- 

Taday the TUC general coun- 
cil will consider its reaction to 
the White Paper, and later in 
ihe day the TUC-Labour Party 
liaison committee will publish its 
agreed statement on future 
economic and industrial policy. 

The question that remains to 
be answered is how the unions 
will reconcile their antipathy to 


the Stage Four norm and coir 
ramnent to voluntary coilectiv 
bargaining with the statement' 
reference to the need fo r ^ 
annual review of pay and 
*■ broad understanding “ aS t . 
what (he country can afford, 


British worker 
‘earns least’ 


BRITISH workers earn less a i 
hour than anyone else in th 
Common Market, according t 
EEC Commission figures. 

In reply to a question [run 
Mr. Ralph Howell (C_, Norton 
N.l, the Commission says th. 
average British workers wa 
corning £1.62 an hour in Octobc 
last year. 

The Irish- workers was getiin, 
£1.71 an hour, while the Dane 
were getting nearly £3.50 at 
hour, and the Belgians £3.06 at 
hour. 

Between October, 1976. am 
October, 1977, figures show iba 
consumer prices in Britain ruv 
by 14 per cent— higher than any 
where except Italy. 

The figures do not take acroiin 
nf the different hours worked u 
each country. 


Prospect Talks soon on plans 
of dock for Singer’s jobs 


Limited compensation fund proposed unrest 

IE SECOND major innovation resisted the suggestion that they deposit base of an institution, to borrow for temporary pur- the institution became insolvent. 
the Bill is the establishment should be required to contribute. This is defined as sterlinc noses up to a total outstanding in respect of the principal 


BY OUR OWN CORRESPONDENT 

An alternative strategy for that the 4JS00 workforce can bi 

retaining production of Indus- maintained. 

trill and domestic sewing TUe s»' 5 tha t rAs aMl 

tnal and domestic sewmt b ^ tf stratepy whld 

machines at Singeris Slydehank continues to utilise the -full skill: 

factory will be presented to the a nd experience of the workforce 

company by its Scottish shop la the short term. FA believes i 

stewards in 10 weeks’ Time. can suggest ways of conilnaini 

A full investigation into the viable production of existin'. 


THE SECOND major innovation resisted the suggestion that they deposit base of an institution, to borrow for temporary pur- the institution oecamc insolvent. tactorj n p 

of ihe Bill is the establishment should be required to contribute. This is defined as sterling poses up to a total outstanding in respect of the principal company by hs acotnsn shop la the shortterm, i A ueih.\cs i 

of a deposit protection fund to They have argued that their own deposits made with UK offices at any time of £10m or such amounts of sterling deposits stewards in IQ weeks tunc. can suggest ways oi cominaim 

which both recognised banks stability is not in doubt, that but excluding secured deposits. larger sum as, after consultation made with UK offices of the in- By Pauline Clark, Labour Staff A full investigation into the viable production oi e xistin', 
and licensed deposit-taking insti- they do not, therefore, need the deposits with an original with the board, the Treasury stinition." company s proposals announced machines in twin industrial ant 

tutions will contribute. proctection of a fund, and that maturity of more than five years may from time to time prescribe In the case of joint deposits. THE Transport and General last month to end industrial domestic sectors, perhaps wti 

If a contributory institution they should not be required to and deposits arising from issues by statutory instrument. “ each shall be treated as having Workers Union. Britain s machine production and reduce enhanced features gainet 

were 10 fail depositors would re- provide funds to support other of certificates of deposit. The The Bill provides for maxi- a separate deposit of an amount biggest union, pledged it**” the Clydebank workforce by through development work, u 

reive compensation from Ihe competing institutions. initial contributions will be mum and minimum contribu- corresponding to his beneficial yesterday to use Its industrial 2,800 over four years has been maintain employment over tin 

fund to the extent of 75 per However, the Government has a * med to raise a total fuud of lions. The minimum is to be interest." muscle to secure an end to commissioned from PA Manage- next year to 18 months. 

. cent of “protected" deposits. insisted throughout that the fund not l® 55 than and not more £5.ooo and the maximum Provisions covering the liabili- casual labour in cargo ment Consultants by the fac- Thereafter the consultants wii 


jutory institution they should not be required to and deposits arising from issues by statutory instrument. “ each shall be treated as having Workers Union. Britain s machine production and reduce enhanced features garnet 

positors would re- provide funds to support other of certificates of deposit The The Bill provides for maxi- a separate deposit of an amount biggest union, pledged itself the Clydebank workforce by through development work, u 

sation from the competing institutions. initial contributions will be ui Um and minimum contribu- corresponding to his beneficial yesterday to use Its industrial 2,800 over four years has been maintain employment over tiu 

?xtent of 75 per However the Government has aimed t0 raise a total fu nd of tions." The minimum is to be interest." muscle to secure an end to commissioned from PA Manage- next year to 18 months. 


A protected deposit would be is necessary, and it has been than 


labour 


£300.000. There -is also a pro- ties 


insolvent institutions handling. 


meat Consultants by the fac- Thereafter the consultants wii 
tory s shop stewards* committee, be examining possible nmjiii 


yi uituvcu ucpvoiL if U I U UC U 1 1 Cl CDBA J J v dUU L L U4S UCtiU -oJUV.uyw. -m* ** I-** *-** — V ni ■ . . , - 7 . w . ,7 , 

■ the first £10.000 of sums — for obvious that without a clearine The fund could be topped up vision limiting total contribu- make them liable to the Board In the aftermath or Monday Mr. Joe Flavin, the company s product development* yhier 

■ . . . ... . “ 1 ■ _ m . I . ■ 1. . . • . • I « • . . • f I . ■ « I m • • m m .m . N i I. #1 If P Jaw* linn •■.VMilil f n noil t J MWt._i~J.-w Oll'llivKl'i n LT UriVtl t. 


example current and deposit bank contribution it would lose by levying further contributions tions including any further and for the equivalent of any insol- 1 night's defeat in the Commons | U.S. president, has agreed to cou- could provide Clydebank with * 


accounts— which the depositors conviction, 
had placed with that institution. 

It has been decided to limit Excluded 
the compensation to 75 per bent 


to restore it to the level of £5ra- special contributions to a maxi- vency payment out of the fund. 


controversial 


£fim if at the end of any financial mum of 0.3 per cent of an The institution's liability to the 1 Labour Scheme. 1978, the 


year the amount standing to the institution's deposit base, depositor would then be extin- 1 Government 


promptly 


| sider proposals from the Clyde- new range of machines with an 
j bunk stewards and to implement edge on the competition. 

[them if they provide a way of Mr. John JdcFadyen, shop 


credit of the fund is less than although this proportion may be suished to this extent and the I renewed Us commitment to continuing production at present stewards* convener, said they 


of a protected deposit in order The fund is to be organised £3®- increased by the Treasury to a liquidator of the insolvent insti- support the union's fight for 

that there should still be an in- under a Deposit Protection If it appears to tire board that level of up to 0.6 per cent. ration would not be able to make exclusive rights of employment 


levels. were starting a campaign to per- 

PA has produced an outline suade MPs and Ministers that 


centive to prudence on the part Board. Contributions are to be payments in any financial year any payment to the depositor for registered dockers among report of its targets, which, pub- the Government should finance 

ui the depositor before deciding made by all recognised banks are likely to exhaust the fund, Liability until the insolvency pavment had inland cargo handlers. llcised by the stewards at a the considerable cr*‘ “■ 

with which institution to place and licensed deposit-taking in- the board may with the approval / been repaid to the Board. The union’s response to the press conference in Clydebank study — thought, to nu 

his funds. stitutions, although foreign in- of the Treasury levy special The Bill sets out arrangements The Board is required to set defeat nf the Labour-sponsored yesterday, reflect their confidence thousands of pounds. 

The deposit protection fund, stitutions may be excluded if contributions to meet the com- for making payments to aside any received j n this measare known as the — 

first outlined in the White Paper the authorities are satisfied that mitments during the year. depositors .when an institution w dunng tte CDUrse 0 f a finan- “dockere* charter.** falls short K 11 a 

on the supervision of deposit- their sterling deposits in the UK The Bill provides that any becomes insolvent It then cial year . It is then required to of a direct warning of Indus- (VI PfCAV IflPlT GTQTP TYIAT 
taking institutions, has been the are adequately protected by law special contributions left over at defines the deposits to be covered. pPe p a re a scheme for repayments trial action. 1 t 1CI3V-T ivC-IV gulv lUvI 

source of most of the controversy ° r arrangements in their home the end of a financial year shall These are “ the total liability out of such funds for special - # terroasM the i * 1 . 

in ihe banking world arising c0 “ a *y. . be repaid to the contributory of the institution to him, limited contributions and further contri- labour i unrest Atlfl t fill 

frmu the proposals. Contributions will be made ui institutions. to a maximum of £10,000 and buttons made by the contributing “Se months Clill ItfULl UaY MUUpag< 

The big clearing banks have relation to a percentage of the The board is also given powers determined immediately before institutions. among dockers in tne raonwis v A A 


until the insolvency payment had inland cargo handlers, 
been repaid to the Board. The union’s response to the 


llcised by the stewards at a the considerable cost of the 
press conference in Clydebank study— thought; to run into many 


Mersey lock gate men 
end four-day stoppage 


Minimum criteria for 
recognition under Bill 


Credit unions will 
be given framework 


ahead— not least in London Ry OUR uyerpqol CORRESPONDENT 
where Industrial action is 

already being considered over THE MERSEY ports should be in the docks and another .10 
the proposed closure of the back tD normal .this morning were waiting outside to get in, 
Royal Docks. after the end yesterday of a among them transit containers 

Union hopes for the estab- four-day unofficial strike by 300 and bulk carriers. Dockers will 
lislunent of a five-mfle “ cor- lock gate men. be at full pressure in an effort 


THE MERSEY ports should be in the docks and another 10 
back to normal .this morning were waiting outside u> get in, 
after the end yesterday of a among them transit containers 




THE CREDIT Unions Bill 

THE MINIMUM criteria which of funds in sterling or foreign (a) £5 million, if it is an follows very closely the provl- 
deposit-taking institutions will currency In the wholesale money institution which will provide a sions of the existing Northern 
have to meet in order to qualify markets; wide range of banking services; Ireland legislation on the 

for cither recognition as a bank (c) Foreign exchange services and nf T-oWi, „ 

nr for a licence are set out in a for domestic and foreign <b) £230,000. if it will provide SUDJCCt creau ““'ons. 

separate schedule to the Bill, customers; a highly specialised banking It complements the Banking 

This requires: fdj Finance through the sei^ce. Bill by providing a snitable 

Rpmimicn i medium of bills of exchange and (2> This paragraph does not framework for the supervision 

Recognised banks promissory notes together with apply to an institution which on and operation of credit unions 

1.— Hi Subject to sub- para- 5 nanee for foreign trade and the date of publication of this which are specifically exempted 
graph {-1\ below, the institution connection White Paper was carrying on a from ^ EEC directive on 

enjoys, and haj for a reasonable w, Jh foreign trade, and deposit-taking business in the credit institutions, 

period of time eninved a hi«h * eJ Financial advice for UK. _ ... 

reputation and -da^ndin" in the mera bers of the public and for i3) In sub-paragraph fli above Credit unions are groups of 
financial community ° bodies corporate or investment “ net assets,” in relation to a peo P ,e w t ho agree to pool their 

(2 1 In the case of— management services and facili- savings to create a source of 

io) An institution which is not 

busS o"; ° n * dep » M, - ,aki "5 “ fore'gS “ ®' ”* 

(bi An institution which has 
not carried on such a business Specialised 
Ions enough to have earned ihe r 

reputation and standing referred An y Question whether an 

tu in sub-paragraph il) above- institution is to be regarded for 
The criteria in sub-paragraph ^ purposes of this Schedule as 
Hi above may be tak**n to be Priding at any time either a 
fulfilled if control of the institu- wide of banking services 

tiun lies with one or more bodies or a highly specialised banking 


subject of credit unions. 

It complements tbe Banking 
Bill by providing a snitable 


Credit unions are groups of 
people who agree to pool their 
savings to create a source of 
credit for each other at 
favourable rates or Interest. 
The Bill requires that mem- 
bers of a credit union shonld 
have a “common bond” (such 


as working in the same fac- 
tory). 

Negotiations with tbe 
Government. under tbe 
auspices of the credit union 
steering committee, have con- 
tributed to tbe preparation of 
this Bill. 

The Bill will allow credit 
unions to register under the 
Industrial and . Provident 
Socities Act 1965 In accordance 
with special provisions appro- 
priate to their particular mode 
of operation. 

In common with other 
Industrial and provident 
societies, they will be sub- 
jected to supervision, in the 
Interests of their members, by 
the Chief Registrar of Friendly 
Societies, 


ridor” within which cargo The strike was in support of to wipe out backlog and mini- 
handlers would be obliged to 90 cold store workers who have mise delays, 
emnlov^ only registered dock been on official strike for 11 The return to work by the lock 
Inhnni- were thwarted two wwefcs after refusing a request gate men. without whom nothing 
veare aeo by an Opposition b >' Vestey. the food company, except the Isle of Man and Irish 
to the Dock Work to date-stamp imported butter, ferries could move, followed 

The river men have blacked talks with the dock company 

finK'-miip corridor was nro- 111 Vestey ships. Its ships are management and officials of the 

in the «-hcme rejected in dock or cannot get in if Transport and General Workers’ 

b^a Ml to 291 partiamentary th ®y are in tbe queues that have Union, of which tbe lock gate 
vofe on Monday night tiuiit up at anchor at the Mersey men and the cold store workers 

« _ _ , .. . Bar during the strike. are members. 

Mr. Tom Lronin. national Mr. James Fitzpatrick, nxanag- The strike spread on Thn--.- 
secretary of the docte ana director of the Mersey Dock day night when a ship siipp.J 
waterways group of tiie TGWU, Company, has been called in out through an open lock, as 

said “ » statement that the as arbiter. the waters of the river Mersey 

union would immediately Ships started to move in and and the docks were level. The 

“ take the necessary measures ou t 0Q yesterday afternoon's lock gate men immediately went 

to regain traditional cargo Thirty ships had been held on strike. 


secretary of the docks and 
waterways group of the TGWU, 
said in a statement that the 
union would immediately 
“take the necessary measures 
to regain traditional cargo 
handling " which had been 
lost to registered dock workers 
in recent years at tbe expense 
of many thousands of jobs. 

“ Our Industrial activity will 
be positive and our aim will 
be to safeguard the present 
and future employment of 
dockworkers. r 


Offshore workers seek 
further ballot 


Jers or a credit union should the Chief Registrar or Friendly dorkworkera r CUJH1 ” :yuicUL Ul BY OUR ABERDEEN CORRESPONDENT 

fiave a “common bond" (such Societies, _ ’ PLANS FOR another ballot to About 50 men are involved, in- 

clovers who onuS tile ^ s .““ re union neg0 : eluding roustabouts, derrick 

vised Dock iilbou^ Scheme KrlffsiSSwiar® wortowere “ en : craae drivers, s tor emeu, 
net assets,” in relation to a pursuance of a resolution oF such as the Cold Store Fed era- announced vesterdav in Aber- me dical assistants and welders, 
body corporate, means paid-up either House of Parliament; and tion and the British Shippers* J They are members of the 

capital and reserves. (b) includes power to vary or — ‘ * * 


of appropriate standing. 


service shall be determined by 


t'.'.r In :> ill >- para graph r>i lhe Bank and, for the purpose of 

above the expression “body of lhat deterotiimtion, the Bank 


appropriate standing '' means a 


recognised bank or an institution . disregard the fact that the 


Licensed institutions the exercise of that power. 

7 — Every person who is e “t* 1 ' r c ™' 

oj re the r 'iosS°TSon r is 0r oTt ,1 » S nd r S«S«Ioi which “ ho? vet 
of the institution is a. fit find narrv z na An a rionAcit.tni 


(b) Includes power to vary or Connell not to regard the de- 
revoke an order previously made feat “as an occasion for re- 
in the exercise of that power. joidng. 

10 — (i) The institution con- , “The unions who represent 
ducts or. in the case oE an workers are in no way 


which enjoys, and has for a Institution does not or will not 
reasonable period of time Provide 0ne ,- 0 i - two oF 

-jpysd. a h£„ reputation ^rid 


standing in the financial com- 
inunity. 


(c> to (e) of sub-paragraph (2) 
above; and 

(b) Have regard to the nature 


«* Section 534 of the Income an d ”m££ VTSStEiSr 

?meam^7“° c n on7rnl^ ;" Ct i® 70 pSrtSFo? IP 

(meaning of control in certain in d«t«rmtnin.* 



proper person to hold teat °f n 3 deposit-taking 

nn^itinn H business, will conduct its busi- 

H ness j n 3 prudent manner and, 

8 — At least two individuals in particular: — 
effectively direct the business of fa) Maintains or. as rh* ™ 


tion and the British Shippers* deen. They are members of tee 

Connell not to regard the de- L a j t we ek it was announced Association of Clerical, Technical 
infpt 38 an ^“s* 011 f*> r re- that a union membership ballot and Supervisory Staffs, a section 
Minn h to gain negotiating rights was of the TGWU, and are already 

me unions wno represent being conducted among catering covered by a recognition agree- 
5°fMt W J" ers 21116 m 1,0 way employees on the Occidental, ment signed with Shell last 
aei eaten. Claymore and Piper platforms, week. 


He warned that the union, with the results expected in mid- That agreement, while giving 


isrness, win conduct its busi- which has argued that the August the union the right to 'represent 

ss in a prudent manner and, scheme would bring stability Mr. Bill Reid, Aberdeen secre- their members does not entitle 
particular: — to the export/import business tary for the Transport and th c TGWU to’ negotiate terms 

fa) Maintains or. as the case and prevent disruption caused General Workers' Union, said and conditions but only to deal 
ly require, will maintain net by demarcation and other dls- yesterday it was his intention to with matters of Individual 


the institution so that: — 


T h e case n f a bodv , L u u» iiilcuuuu ui wim matters or individual 

thpre. jc a hoard of dSseta of amount as, pntes. was financially sound seek a ballot among workers grievance. Shell has specified 

.j. corporate, there is a board of together with other financial and numerically stronger fhan »hoarrt the Shell-own eri wml, th,t .. u. 


d?2?iors vrite at least two t0 * ether vnl ^ “^er financial and numerically stronger than aboard the Shell-owned semi- that a ballot be taken before 

ewwuti?e mmbera; and a * ailabl * t0 tt'of such when the Government was submersible Stadril! by the end they will allow full negotiating 

fb? In SS ms? of V Partner- ? ° atu i e «n- preparing the revised scheme.** of next monte. - rights to the union. 


tiui-unmu OI -control "in certain , r n ,Htution in determining „ « « . ■ „ executive members: and 1 SUCD T- " ■ ^ i » au»mwau»« uy urn am tney wiu auow lull negotiating 

comexis) shall apply for tbe wheteeTthe iiStitulionistobfi J Ir T)eiaU Dav 'es, Minister of *JS> ■ ^ case of a partner- iS£S\ ** r ^ C0 P' P^P 301 ^ ** re ' ris ** scheme.” I of next monte. - rights to the union. 

su , b *P a f ra eraph (2) S^?p2SdSSiSSil3 state at the Treasury, who s hi P 7 there are® at IL two 

of nrorisioni^f'S f t purp ° ses to S provide teat service for the was responsible for drafting general or active P^tners; and w ^ e be i®^ e c ^ nt *° r • • g% j v p ^ « 

Taus-wu “• Bai - is Commission finds work for 1 .8m 

2— (l) The institution provides tion is or. in the case of an . . . .. two individuals actively engaged /oi and P 8 P “ T 

or. in the case of an institution institution which is not yet “^rate. means paid-up m tee management o£ the ^ 

which is not vet carryinc on a- carrying on a deposit-taking capital and reserves. institutions affairs. *bj Maintains or, as the case BY PHILIP BASSETT, LABOUR STAFF 

deposit- talkin'* hu^inp^ win nm business, will be carried on with After consult&tion with rosy rGCjmrs, will lUSJQtdin n ___ . m T t n 

vide either a°wide ran^e of bank- integrity and prudence and with ^ B^k, the Treasury may by Assets adequate liquidity having regard P®°P* e another very sharp increase in The rise in unemployment 

in™ on ^ 0 thnea nmfassinnai etui., order vary either or both of the to the relationship between its helped into jobs or given train- unemployment amnnn racial minnrirv pmiiTHl 


which is not vet carryinc on a- carrying on a deposit-taking capital and reserves. institution's affairs. * “J Maintains or, as the case BY PHILIP BASSETT, LABOUR STAFF 

• doposit-tzikin^ hiisinp** win nm hiisincss. will be carried on with 0*1 After consultation with may rGCjmrs, will maintain n ___ . m T t n 

vide either a°wide ran^e of bank- integrity and prudence and with tbe Treasury may by AsS6t$ adequate Liquidity having regard P® op e anot ^ e t‘ ver y sharp increase in The rise in unemployment 

ins services or a highly thOK professional skills which order v&ry e ' thcr or both of the to the relationship between its “employment among racial minority groups 

specialised banking service 5 ^ are consistent with the range and sums specified in sub-paragraph 9— (1) Without prejudice to jteuid assets and its liabili. Jh« k M»nnS22 «ira he de * e ? ora ^° n waa especl- was less than 4 per cent, corn- 

scale of the institution’s above - paragraph 10(I)(a) below but ties and also to the. times at experience by the Manpower ally great for those aspects of pared with an overaU figure of 

activities. 15) The power to. make an subject to sub-paragraph i2> which its liabilities fall due and iervl ces commission in the past thc labour market which the 6 per cent and the registered 

Service* . A * lMSt order under sub-paragraph (4) below, the institution will at the its assets mature: and ***[• , . . . . MSC is particularly concerned: disabled showed a decrease in 

5 Tl ce . s .. ... Jz&y&JV. ah ?:r.. ... as “S2 S-J; j? ‘ 5 -?^ss .%*«*» awjsjft «>» •- 


I!) For ,0c purposes of this «» disable Uy SSI u« ZZ io wm Lte odeVu«e P^ JSSTS moreST^rrenL 

Part of this Schedule, an the _ ,, statutory instrument which shall not less than £250.000 or such vision for bad or doubtful debts a °- v «£ tbe . three years, the position of disadvantaged Th* mmmteLtAn lie 

institution shall not be regarded be sufa iect to annulment in larger sum as the Treasury, after and obligations of a contingent tbe Commission s aimual report groups. TBe CorainIssftn Iis 

as providing a wide ranee of i J-ir 0 - 06 pursuance of a resolution of consultation with the Bank may nature. ? a y s , “ at underlying trends Duric 


says teat underlying trends 


The CorautissiOD lists its main 
achievements as a new pro- 


job creation and work experience 


tai current ana deposit ■ ;,:L I( nn ™ or * in cas ® or an aeposit-tawng business ur the ana tne sources ana amounts or ana tor empinymeat suusi- Scbemp ,T IT , , • I. 

account facilities in sterling or institute which is not yet UR S ^ ^ deposits accepted by it: and dies. More than 100 000 obtained 

fnreiBh. currency for members of Lf 1 TOnMeniSt*^ the “ I T3 rilI S on a deposit-taking. (3 j In sub-paragraph (1) above < b) Tbe nature of its assets Tbe report, published y ester- temporary vw>rk -under tee Job SSSm a fJ? I th2 n 

the public or Tor bodies corpor- JP e , lhe ™stitu- business, will maintain net assets “net assets." in relation to a and tbe degree of risk attached day. says teat there were grounds Creation Prammme ^linnn 

? tc or the acceptance of funds of such an amount as, together body corporate, means paid-u? to them. for optimism that 1977-78 would yoSg ?eopte wre^teen^Sk 

! n ciirrency t0 . fi^ncial .resources capital and reserves. , (3) In sub-paragraph (lKa) be a year of economic expansion sgLJS'Sn "SJn iSSSSo 't'JSL 


in 'sterlin? or foreign currency 


in the wholesale. money market; subject available to tee institution of (4) The power to make an above “net assets” in relation and 'increased activity, though were orevldld 

tb> Finance in tee form of to subparagraph (2) below, the such, a nature and amount as is order under sub-paragraph (1) to a body corporate, means paid- these hopes were not fulfilled P Thnmrh hLhL 
overdraft or loan facilities in institution .wiU at the time considered aooroDriate bv the ah nv» — tin oaniful and reserves. I m ... • ThOUg duration Of U] 


the time considered appropriate by tee above- 


up capital and reserves. 


experience and 40,000 training programme for services to the 
places were provided disabled. 

Though duration of unemploy- The Youth -Opportunities Pro- 


groups were worse off. 


September. 



Vvf 


■N. 








% • .- Financiai Times Wednesday July 26 197g 

( HftJ 


1 



PARLIAMENT AND POLITICS 


i i 
» - * 

* f K \ 


M 


ri!,: 
4 4 k 


> 01 ] 

cr\ 


Inflation rate is Britain’s key 
economic test, says Callaghan 

B r IVOR OWEN, parliamentary staff 

MCC ESS IN keeping down the They had been proved wrong within single figures.” cnTniM .,,i ♦>,» «»,* 

ite of innation must be the key before and they would be proved Mr. Callahan emphasised: number of seWei^nts withtiTSe rerori ^lempfoyment Sd Jtag- 
at of Britain s erononuc policy, wrong again. It did not happen The rate of inflation is the guidelines. nant living standards. The 

,e Pn me Minister insisted in because the people of ’ this test. Keeping Jt down is the He called on Opposition amendment also deplored the 
,e en t KB ctM ^ n * ry ma< *? sur ® 11131 it should objective. "Waving aside scorn- leaders. If they genuiuelv continuing use of blacklisting to 

Msnussed^ forceps t is that the not happen. ^ ful laughter from Tory MPs, he wanted to see moderation in pay enforce pay limits, 

pverninent 5 five per Wit guide- Last weeks White Paper contended that what mattered settlements in the coming round. She accepted the need to try 
,ie for the next wages round announcing the 5 per cent guide- was not how many pounds were to support the Bill continuing to contain increases in wages 
°JJ ,d r P r n^>,!, I L e fh^iu ,ne , was L the answer . t0 in pocket but how much they controls on dividends. and to increase production: But 

percent 

yv s e y s terr ». as^sas 1 - “ 4 tse - s-£?S5Fs Kffwwsss jws 

Si SSSM SiJMKJS la SSSSSULSSSl 

, 6 two- party leaders before had no intention of returning^ that we can get a t a time when uVxYrciS^n ttvidend nav“ ditions on the shop floor and 
^solution and an October the Inflationary spiral of 1973- the level of world trade is monts’' m dmaeQd ,P ay regardless of profitability, 
meral election. 1975 but they h a d admitted flagging badly." „ ' „ . 

Government supporters gave t^ey would have preferred the Mr - Callaghan rounded off bis 

r. Callaghan an enthusiastic Government not to have put a 
jeer when he contended that fi SUX e on the general level of 

ie Conservatives had no policy iB crease in earnlDgs. the lower pidd should not beused TXSSSS 

v pay. production, or anything However, the Government be- as a basis for lean Jrossin* 
sc. and characterised Mrs. Ue V ed it had a responsibility to claims r eap fr0o,einE » s P*re<! 

*%&£*&* 1SS f s= 

~ “ e ^vf ^ se Zsjzz&ss ssss 3 ^ s^ ,e " 

hirh without anv statutory * f . we a . re be , J e * s, J?^ y f ret ^ onar y acuon had been taken ing the Government’s economic would be accepted 
Jthority led to ?he arbitral? ta f keepjng ^ u^a^w 1 ^ 1 ® 111 the last year was infinitesimal policies over the last four years, would not, she said. 

Reaction to Bremen ‘half-hearted’ 


Mrs. Thatcher stressed: 


1 a rallying cry to pre- 

. . . - The Tory party once mQve - ...... 

leap-frogging aspired to lead one nation and She complained that the five 
to speak for one nation. Now per c*»t guideline was more 


which 
schemes 
and. which 


lacklisting oE firms failing to 
a-mrve the pay guidelines. 
However. Mrs. Thatcher failed 
. i evoke more than a symbolic 
(i^jsponse from the Opposition 
•benches, and the silence of many 


'ory MPs brought mocking Liberal economic spokesman “ Inflation is still higher than not achieve its objectives and shadowed in t he Prime Minister’s 
, unments from the Labour Mr. John Pardoe called the that of most of our major any attempt to implement them speech and the White Paper to 
I- inks. British reaction to European competitors and it is probably would result in abject failure. decrease - unit labour costs. 

:!; The Prime Minister opened economic intiatives at' the rising again." The Government's motion was Mr. Douglas Jay (Lab, Batter- 

J- ie debate by moving a motion Bremen summit “ half-hearted.” “■ " — -*- - • - - 

clcoming the substantial pro- 
ress already made in combating 


Mr. Pardoe insisted that any so bland and innocuous that it sea N) said Tory policies would 

He added' “We have had natlonal pay figure had every was very difficult to oppose it or mean lower industrial invest- 

15 g nothin® tn sav to «how that we Possible disadvantage because it not to support it But he warned ment with a further weakening 

lflation. and calling on the interested in these important was in®«*lble and became a that if the motion was passed, of the country, 
louse to recognise that a further ,‘“5*™““. £ , p l “ ese are norm. "We need a formula the Government would say the The Government’s approach 

astained effort was needed to . .. , ' thr h .hoi® is no which is tailor-made to the situ a- House had approved the White was much more flexible than 

eep inflation under control. J®^ w ed uirou^n, were * no tion of each industry and enter- Paper. Mrs. Thatcher appeared to have 

He maintained that as the ™P * anyooay eise, prise » be sai(J JIr Maurice MaemiUan (C, noticed, but there were still 

lflation rate had fallen steadily 50 ivin o their prooiems. This could be done by a Famham) said “We don’t seem crucial problems of relativities 

loath by month, hying "The European monetary formula relating labour costs to to have recognised that we have and differentials, 

taodards had recovered rapidly, fund, which the Liberals ' sug- added value and enforcing it by tn sell a higher proportion of He could see no - long-term 

'eople were better off than a gested years ago, will enable the imposing a tax on those enter- goods overseas than ever before solution, except to restore, as a 

ear ago, through the combined industrial countries to ' put the prises which exceeded this ratio. Just to stay where we are.” last resort, some kind of 

ffort of wage increases, lower large surplus funds, sailing The Government should have There had to be a much tribunal that would cover all 

axes and higher child, benefits, around the world in an orgy of introduced sanctions which greater effort than was fore- salaries. 

While admitting that much currency speculation, back to applied equally to everyone and 

oore needed to be done, he productive use.” was not subject to the arbitrary 

iressed that even uneraploy- in , A ■*«»- decisions of officials and 

nent was tending to fall. to Ministers. 

"In total. 1977 and 197S arc jSSSSiI^Entia?” we^ to I{ was a mt arbitra ‘ 

vltnessing the best recovery this * y ° tion boards on pay had been 

:ountry has made since the oil U nnp r0 pnn m rt#.nw ei i^nt 1 ^he abolished. Partly because of this. 

•rfsis - set back the XVestern he warn ^ the police pay 

™l,f ! e “ m " I,y s “ IJramaUc - S!? 20 ^per cem t0™?Ser 8 per f™”'- 1 

Mr. Callughan at his most «"**» ‘h ' months, dunng , fr Ian ( t,ab, Betlmal 

icgressive in eundenming the pe JC 1 ° c Lrnm«nt B Green and Bow > be had 

• faint heart's "—-the nenole now lhe . . Government have been difficulty making un his mind j^gh^said' ^ I ha^T^^sure 


Chinese thought my recall 
meant coup-Wifliams 


MBS. SHIRLEY WILLIAMS. 
Education Secretary, recalled 


faint heart's "—the people now 1.T4SXII 1 lwrB ucc “ difficulty making up his mind 

'orccasting that the 5 per cent vorJt,n *' tOcetner. about bow to vote at the end of 

zuidelinc would be ineffective “But I don’t fool myself about the debate. “I have no time at 
A'ho h year ago were predicting this. There arc two rules of all for the White Paper.” he 
i collapse of the Government's politics. One. don’t believe the said. 

nav policy and wage rises of 25 other parties’ propaganda , and Its economic analysis was 

and 2S per. cent. two, don’t believe one’s -own. .defective,, its proposals would 


>i • 


A v 


aL ill 

I ‘ t ■ * 


.1 ft 1 !- 
h i{ 


AFINANCIA1TIMES SURVEY 

WORLD RAILWAYS 

August 25 1978 

The Financial Times proposes to publish a survey on World Rail- 
ways. The provisional editorial synopsis is set out below. 

INTRODUCTION In spite of the world depression, railway investment 
continues at an estimated level of £4bn a year and many countries are 
either expanding existing or building new railways. The attractions ot 
the rail solution to various transport problems. 

THE RAILWAY INDUSTRY In the developed world the industry is 
marketing its skills, products and experience to governments m the 
developing world, where most of the big, new rail projects are. A look 
at some of the companies and products involved. 

EUROPEAN AND NORTH AMERICAN RAILWAYS These have been 
plagued with financial and re-investment problems caused Jy the rapid 
growth in private car ownership, but this has not prevented them from 
developing new technology. 

URBAN RAILWAYS These are a principal feature of the present rail 
building boom and there are a large number of schemes under con- 
struction or planned. 

A look at some of the larger schemes presently under way or out to 
tender, including those in: 

MEXICO CITY • 

HONG KONG 
TAIWAN 

CARACAS, VENEZUELA 

MIDDLE EAST DEVELOPMENTS AND THE AFGHAN RAIL PLAN 
BRAZIL 

LONDON, NEWCASTLE, GLASGOW AND LIVERPOOL 

m FrrniFi CATION OF RAILWAYS This is likely to gather pace in 
the^ next *decade^ as part oTte solution to declining oil resources. 

reliance on train-load and containerised systems. 

For further information on advertising rates in this.Survey 
please contact: Ron Mann . - 

Financial Times, Bracken House ^ 

10 Cannon Street, London EC4P 4BY 
Tel: 01-348 8000 Ext. 240 

FITMANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 

, .. JatM of Surveys in the Fiairficlal Times 
■ TbC C0 "'^'™Me« lo?h>oS= >* lbE 'Ji= OTUon °f 


the Chinese that I was not 
coming because of a coup.” 

Arriving at Heathrow from 
Geneva, Mrs. Williams said site 
thought that the attitude of 
the Conservatives had been 
extremely foolish. 

“After all, I was not on 
party business. I was on 
national business. This was a 
very Important trip involving 
seience and technology, the 
exchange of students and a lot 
of other matters. 

The Chinese regarded it as 
extremely important and I was 
meeting most of their senior 
people. I did not think for 
one moment that there would 


be any change from the norm hi 
pairing arrangements.” 

Mrs. Williams said that on 
the Wednesday night before she 
left for China she had an indi- 
cation from the Conservatives 
that u there might he a hitch ” 
in the pairing arrangements. 

She added: “ We tried that 
evening to. contact the Con- 
servative - . Chief Whip or 
others and we tried again all 
Thursday morning before I 
left But we just couldn't get 
bold of anyone. 

“I really do think that in 
the case of Ministers making 
journeys tike this there should 
he special arrangements and I 
do feel that if there had been 
a pairing it would not have 
made all that much 
difference.” - *. 


Steel sees police officers 
investigating Scott affair 


BY RUPERT CORNWELL, LOBBY STAFF 


MR. DAVID STEEL, the Liberal 
ieadpr, was interviewed for more 
than an hour in his room at the 
Commons yesterday by police 
officers investigating the Norman 
Scott affair. 

The police may want to see 
other Liberal MPs in connection 
with their inquiry. 

Mr. Steel was asked about the 
internal party probe in 1971 
carried out by himself, Mr. 
Emlyn Hooson and Lord Byers 
into Mr. Scott’s allegation that he 
had had a homosexual relation- 
ship with Mr. Jeremy Thorpe, 


the then Liberal leader. Mr. 
Thorpe has- always strongly 
denied the accusation. • 

Yesterday’s meeting came 
about after Mr. Scott had written 
to the Liberal leader. Mr. Steel 
said afterwards that he believed 
it was one of a number of 
letters sent by the former male 
model to other politicians about 
the 1971 inquiry. 

“ I simply sent the letter to the 
police. They thought it would be 
useful to discuss the matter 
with me.”- Mr. Steel said in a 
formal statement afterwards. 


Docks pledge by Premier 


THE GOVERNMENT remains 
committed to docks de-casualisa- 
tion and will ensure that a 
scheme goes through when it has 
a majority, MPs were told yes- 
terday fay the Prime Minister. 

He was dealing with a Com- 
mons question in the ■ aftermath 
of Monday night’s defeat In 
which the scheme set up under 
the 1970 Dock Work Regulation 
Act was rejected by 301 to 291 
— a majority of 10 against the 
Government. 

This would have^sivez) secu- 


rity to registered dockers and 
brought an end to casual labour. 
It would also have given dock 
workers priority on jobs within 
half a mile of dock areas. 

Mr Callaghan said: “The 
Employment Secretary will have 
discussions with both sides of 
industry to see how the damage 
done by the Opposition last 
niebt can be repaired. 

“ In. due coarse when we have 
a majority In this House, we 
will certainly make sure that 
the de-casualisation will • go 
through.” 


Moscow games attacked 


MANY MPs share the view that 
the next Olympics should not be 
held in Moscow if the Russians 
continue with their repressive 
measures, the Prime Minister 
agreed yesterday. 

However, Mr. Callaghan told 
Mr. Grevflle Janner (Lab. 
Leicester W.) during question 
time that it was too soon to “get 
Into action” on the matter. 

A chorus of support from MPs 
on all sides of the House greeted 
Mr. Jcnner's statement that 
“there is a growing body of 
opinion that if the present repres- 
sive measures continue In the 


Soviet Union, it would ' be 
inappropriate for the Olympic 
Games to be held there in 1980.** 

Mr. Callaghan told him: “It is 
clear from the cheers in the 
House that many MPs share that 
Opinion.” ' 

The Prime Minister was inter- 
rupted by shouts from Tory back- 
benchers when he tried to con- 
tinue and he .added sharply: U I 
know the Cold War warriors are 
waiting to . Jump into action 
straight away but it is not neces- 
sary for us 10 go into these 
details on the' Olympic Games al 
this stage, - " - - 


Revenge 
‘will be 
prepared 
for sea’ 


By John Hunt, Parliamentary 

Correspondent 

ROYAL NAVY personnel will 
today start to get the Polaris 
nuclear submarine Revenge ready 
to go to sea in defiance of the 
unions who have blacked all 
work on the-- vessel at the Faslane 
naval base on the Clyde. 

The Government decision was 
announced in the Commons 
yesterday by Mr. Fred Mul Icy, 
Defence Secretary, following 
widespread protest at the tactics 
adopted by the Transport and 
General Workers and other 
uions involved. 

Two other nuclear submarines, 
the Repulse and Renown, in dock 
at Rosyth. have also been in- 
volved and the affair had become 
a major embarrassment for the 
Government With the possibility 
of a general election in October, 
the incident was seen as a major 
vote-loser unless quickly settled. 

The Tories had put down a 
motion, backed by 32 MPs. con- 
demning the “ unprecedented 
detention” of three of Britain's 
four Polaris submarines. K pro- 
tested that the actions of the 
unions would “ effectively 
suspend the vital element of the 
nuclear deterrent in British 
defence strategy." 

In his statement yesterday, Mr. 
MuUey took a firm tine and made 
it clear that the Government 
would not tolerate industrial 
action which threatened national 
security. Labour Left-wingers 
remained silent throughout the 
exchanges — presumably subdued 
by the possibility of an October 
election. 

Mr. MuUey said- that attempts 
to persuade the men to resume 
normal working bad not yet 
succeeded but he had hopes that 
a settlement could be achieved to 
ensure that Britain's con- 
tribution to Nato’s strategic 
deterrent could be maintained. 

The Government had to ensure 
that preparations for HMS 
Revenge to sail were completed 
very soon. The Ministry of 
Defence bad therefore informed 
the workers at Fas lane tijat a 
naval and management work- 
force would be completing the 
loading of the Revenge today. 

In the interests of safety, the 
Faslane depot would be closed 
temporarily except for certain 
authorised personnel until the 
loading had been completed. 

Mr. Robert Banks fC, Harro- 
gate) said that a small number 
of men had prevented the 
deployment of the nuclear 
deterrent. He called for an 
assurance that the Government 
would prevent such a situation 
arising again. 

Mr. Mulley told him: “I can 
give the assurance that we shall 
take all steps necessary to ensure 
that our operational efficiency is 
in no way impeded.” 

For the Liberals, Mr .Emlyn 
Hooson said there was a danger 
of Britain's defences being ren- 
dered nugatory. He called on 
Mr. Mulley to have talks with the 
TUC to see that this kind of 
thing did not happen again 
‘■otherwise the Kremlin will be 
laughing." 

Conservative defence spokes- 
man, Sir Ian Giimonr. declared 
“ Whatever the merits of the 
case, the trade unions have 
shown a shameful abuse of in- 
dustrial power. What they are 
doing is critically wrong.” 

In the Lords, the Conservative 
spokesman. Lord Carrington, 
said: “It is totally Intolerable 
that union leaders should set 
themselves up as the arbiters of 
whether there should be a 
British nuclear deterrent or not 
at sea.” 

But Lord Wlnterbottom, for 
the Government, told him firmly: 
“It is intolerable and we are 
not tolerating iL” 

MPs reject 
challenge 
to jobs Act 

SMALL BUSINESSMEN are 
being persuaded by malicious 
Tory MPs that taking on more 
workers will put them at Tisk 
under the Employment Protec- 
tion Act Mr. George Bodgers 
(Lab Chorley) claimed in the 
Commons yesterday. 

“I find it unforgivable that 
the Opposition are continually 
encouraging this absurd myth,” 
he said. 

He aws opposing a move by 
Mr. Richard Page fC Working- 
ton) to extend from '26 weeks 
to 52 weeks tbe minimum 
service' needed by a worker 
before he could enjoy the bene- 
fits of the Act. 

Mr. Page was refused permis- 
sion .to Introduce bis Employ- 
ment Protection (Amendment) 
(No. 2) Bill by 203 votes to 184. 
a majority against of 19. 

Mr. Page said he wanted to 
remove any Inhibition felt by 
employers over offering jobs to 
people . ' 

The productive influence of the 
small business sector was tied 
“by a rope of many strands." 
including high taxes and increas-. 
ing Government legislation. 

“This change would slacken 
one of those strands, and help 
towards this country’s future 
prosperity,’ ’he claimed. 


Tories urged 
to avoid 
sanctions row 

BY RUPERT CORNWELL, LOBBY ST AFT 


MR. JOHN DAVIES, shadow 
Foreign Secretary, is making 
desperate attempts to untie the 
Tories over Rhodesia, with the 
argument that an internal party 
row- on sanctions is pointless 
when that country could be 
faring economic and military 
disaster within months. 

His efforts to forge the united 
front came at a special meeting 
of Tory backbenchers at tbe 
Commons last night, just a week 
before MPs hold a full-scale 
debate on the situation in 
Rhodesia. 

But the question of whether 
sanctions should be dropped fo 
spur on tbe faltering internal 
settlement has deeply divided 
the party. And should the Tories 
win the election, widely expected 
this autumn, the annual renewal 
order which comes up in Novem- 
ber could provoke a bitter quar- 
rel between the majority and the 
minority of recalcitrant hack- 
benchers. adamant that sanctions 
be abandoned. 

These differences must be 
settled in any ease if the 
Opposition is to deliver the 
severe censure it seeks to inflirt 
upon the Government and signal 
the end of the informal bi- 
partisan approach (hat has mostly 
prevailed on Rhodesia. 

Almost 90 Tory backbenchers, 
mainly from the right wing, have 
signed a Commons motion 
demanding an end to sanctinns. 
while 116. at the latest couni. 
have' backed an authoritative 
suggestion sponsored by Mr. 
Reginald Maudling. Mr. Daviess 
predecessor,- for the return nf 
Rhodesia to' a period of colonial 
rule before free elections. 

The main onslaught next week 
from the Tories, who arc plan- 
ning to a force a division on the 
issue, will be that the Govern- 
ment has neglected Rhodesia, 
except to the extent of wrongly 
tilling its approval towards the 
Patriotic Front. 

Mr.' Davies himself, recently 
returned from southern Africa, 
feels that while the sanctions 
issue is of symbolic importance 
to' the ‘ parties' involved, it is 
basically irrelevant and that the 
real problem is to keep the 
internal settlement on the rails 
until proper elections can be 
held. 

Broadly, this wontd be tic 
approach of a Tory Government 
should one be returned at the 
next election. 

Mr. Davies feels that unless 
this can he achieved. Rhodesia 
could quickly face a breakdown 
of both security and its economy, 
meaning that a fight to the finish 
would prove inevitable. 


But any ninve tn drop sanc- 
tions would close the option of 
bringing Mr. Joshua Nkomo, 
whom the shadow Cabinet 
believes to he the key figure 
in the situation, back into the 
negotiations. 

instead, the Tories are hoping 
that Mr. Xknmo can he 
persuaded that a change of Gov- 
ernment in Briiain could pro- 
duce new circumstances, which 
would oblige a compromise to 
be struck. 

In next week’s debate, Mr. 
Davies will urge the Government 
to put an upgraded permanent 
mission into Salisbury. This 
would improve British know- 
ledge of what was happening in 
Rhodesia and enable real pres- 
sure to be exerted on the exist- 
ing interim executive to make 
progress. 

Mulley denies 
defence ‘orgy 
of spending’ 

MR. FRED MULLEY. Defenr* 
Secretary, yesterday strongly 
denied allegations ibat his 
department had been engaged in 
“ an orgy or spending." 

There was laughter from the 
Labour benches in the Commons 
as Mr. MuUey made his dental to 
Mr. Martin Flannery cLab. Hills- 
borough): “You are prone to 
take too much notice of certain 
newspaper reports." the Sec- 
retary of State told him. 

Mr. Flannery said: “ At the 
time the Tories were pressuris- 
ing the Government lu increase 
defence expenditure, it was 
underspent to some thousands of 
millions of pounds. 

“ An orgy of spending then 
went on things that couldn't 
possibly be regarded as defence.*’ 

Mr. Mulley explained: “The 
simple fact is that a number of 
estimated expenditures were not 
realisable through no fault of ray 
department." 

Tn good-natured Lbnur jeers, 
he went on: “ There has been no 
orgy of spending. 

“What we did was bring for- 
ward some expenditure for this 
year to make room for the ex- 
penditure that we hadn’t been 
able to make last year." 

Mr. Mulley added: “There was 
a good deal of money spent on 
vacuum cleaners and carpets. I 
make no excuse or apology for 
that We did this to put carpet- 
ing like that in officers' homes, 
into the homes of the other 
ranks.” 


Tory criticises postal services Facelift for 

Goddesses 


THE QUALITY or Post Office 
services was attacked by a Tory 
backbencher In the Commons 
yesterday — 24 hours after the 
Post Office announced a record 
£367m profit 

Mr, Toby Jessel (Twickenham) 
asked the Prime Minister if he 
was aware of the “widespread 
dissatisfaction in tbe country 
with postal services.” 

Mr. Callaghan rose to reply 
amid Labour cries of “send him 
a letter, Jim ” and tolds MPs he 


was very happy to see that the 
Post Office bad joined the gas 
industry, the electricity industry 
and British Airways In making 
a big profit 

He said: “We have introduced 
commercial considerations Into 
the boards- of the nationalised In- 
dustries in a way the Opposition 
lamentably failed to do. 

“ Now they are able to finance 
much of their own expansion in- 
stead of relying on the tax- 
payer." • 


THE Grefen Goddesses, manned 
by Servicemen during last year’s 
firemen’s strike, are being given 
a facelift The programme for 
refurbishing them is well in 
band, ’'Dr. Shirley Summerskill, 
Home Office Undersecretary, 
said in a Commons written reply. 

She added that a similar 
number of Green Goddesses 
would be. available in any future 
emergency. 


APPOINTMENTS 


Re-grouping at 
lie & Lyle 


■. • i-i ■ n ■ ■ 

- The- following" TATE * LYLE 
group changes are to come into 
operation within the company's 
plan to streamline its manage- 
ment structure; 

Mr. F. Tfartmlinson has been 
appointed divisional director, UK 
food and distribution: Mr. C. D. 
Range, managing director. Ta te 
& Lyle Refineries; Mr. I* E. 
Fean, managing director, Tate & 
Lyle Transport; Mr. J. C. R. Scott, 
group personnel director. Tate & 
Lyle; Mr. j. M. Ferguson, chair- 
man. Refined Syrups and Sugars 
Inc.: and Mr. J. G W. MKcfael). 
president. Refined Syrups and 
Sugars Inc. . 

Subsidiary companies will be 

grouped by business and geo- 
graphy into divisions, to be 
managed by a divisional director. 
who will bt accountable to Saxon 
Tate as group managing director. 
Support for the group managing 
director and for the divisional 
directors in implementing the 
policies and directives of the Tate 
Lyle Board will be provided 
by functional directors and. wbere 
necessary, by regional directors. 

Neither divisional directors nor 
functional directors will neces- 
sarily be directors of Tate & 
LvJe. Divisional- directors and, 
where 1 appropriate, functional 
directors will, however. be 
members of a new body, the croup 
management' board — and this Is 
the case with the appointments of 
group personnel director and 
director, IflfC food and distribution. 

The full group management 
Board consists of — divisional 
directors: Mr. N. VL Shaw. North 
America; Mr. Thomlinson. UK food 
and distribution; Mr. J. F. P. Tale, 
overseas sugar; Mr. D. A Tale, 
engineering and agriculture: Mr. 
M. J. L. Attfield, trading; Mr. G 
Lyle, chemicals: and Mr. G B. 
Rowan, shipping and storage. 
Functional directors: Mr. J. 

Fortes, finance and planning; Mr. 
R. I Foden, investment; Mr. Scott, 
personnel; Mr, G. L. ShemilL 
trading; Professor A J. Vlilos. 
research and development: and 
Mr. D. A. Tate, agricultural 
business. 

★ 

Mr. T. G. Hutson, managing 
director of Independent Factors, 
has also been Appointed managing 
director of INTERNATIONAL 
FACTORS. . . Mr. J. Butterworth 
becomes factoring division direc- 
tor, Mr. E. R. Virgo, management 
services director, Mr. A. N. Cos, 
finance director, and Mr. D. B. 
Raish brook, secretary. Mr. David 
McKenna is .joining an associate 
company of. the Lloyds and Scot- 
tish Group as managing director. 

* 

Mr. Alan Williams, Minister of 
State for Industry yesterday 
announced tbe members of the 
CO-OPERATIVE DEVELOPMENT 
AGENCY. The chairman, as has 
already been announced, is Lord 
Oram, a former Labour MP. 

The members are: Mr. George 
Brown of the Co-operative Party 
Scottish committee; Mr. Harold 
Campbell, director of ihc North 


British Co-operative Housing 
Centre; Mr. Brian Garrett, founder 
member of the Belfast Improved 
Houses; Mrs. Lillie Howe, editor 
of Co-operative News; Mr. John 
Morter, secretary of the Central 
Council for Agricultural and 
Horticultural Co-operation; Mrs. 
Geraldine Norman, a journalist 
and joint author of the Anglo- 
German Foundation's report on 
the Spanish Co-operatives at Mon- 
dragon; Mr. Roger Sawtell. chair- 
man of the Trustees of Industrial 
Common (hvnership Finance: and 
Sir Arthur Sugden. chiet exeeu- 
'live of the Co-operative Whole- 
sale Society. 

The appointments are for three 
years from September T. Salary 
payable to each member will b« 
£1.000 per annum. 

¥ 

Mr. I. B. T. Galloway, of Cayrer, 
Irvine and Co., wil) take up lho 
appointment nf non-cxecutive 
director or EASTERN LINER 
SERVICES on August 1. replacing 
Mr. G. F. Bedford, who resigns 
from the Board at the end of this 
month. Mr. A. K. Black, of P 4 O, 
also joins Ihe Board of ELS as a 
non-executive director at tho 
beginning or August. 

* 

Mr. Craigie Ross, operations 
director of TOTAL REFRIGERA- 
TION. is to become managing 
director Trom July 31. He will 
succeed Mr. J. S. Husband. 'who 
is leaving to be managing director 
of HENRY TL'LFER. a member of 
the J. Lyons Group, from 
August 1. 

* 

SAUDI INTERNATIONAL BANK 
(AL-BANK AL-SAUDI AL- ALAND 
has appointed Mr. Matthew H. M. 
Carrington as a manager in the 
general banking division and 
Mr. Goy R. Stokely and Mr. Sttuurt 
G Webb as managers, investment 
advisory division. 

* 

The INSTITUTE OF STATIS- 
TIC LANS. a professional body for 
statisticians in the UK. has 
elected the following honorary 
officers: Mr. K. T. Boyd, chairman; 
Mr. J. S. Dow iiham, vice-chairman. 
Mr. IV. Benjamin, secretary: and 
Mr. G. G Naylor, treasurer. 
Professor Sir Roy Allen has been 
re-elericd president. 

* 

Mr, W. T. Mnllins, legal pxpcu j 
tive with George Wimpcy 4 Co„ 
■is the now president or the 
INSTITUTE OF LEGAL EXECU- 
TIVES for 1S7S-79. Mr. K. 
Crawford, senior legal executive 
with Newcastle - under - Lyme 
Borough Council, has become 
vice-president of the Institute. 

Mr. W- J. Worsdell has been 
appointed a director of BAD ALEX, 
the engineering subsidiary of Sale 
Tiloey and Co. 

Professor S. IKediik has been 
elected chairman, Mr. V. T. c. 
Middleton, Mr. J. C Seekings and 
Mr. s. F. MTteaieroft vice-chair- 
men. and Mr. A A. Davis, 

iuCIETY ° £ 1110 ToyRlsa * 


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COMPANY NOTICES 


MUNICIPAL FINANCE AUTHORITY 
OF BRITISH COLUMBIA 
Canadian $ 25,000,000 9*% Notes dne 1982 
Pursuant to the terms and conditions of the loan, notice is 
hereby given to Noteholders that, during the six-month period 
ending June 30. 1978. Canadian $ 600,000 of such Notes were 
purchased. 

Outstanding amount: Canadian S 23,400,000 

The Princ ipal P aying Agent 
KKEDIETBANK SA. 
Luxem bourgeoise 

Luxembourg. July 25, 197S. 


WEST RAND CONSOLIDATED 
MINES LIMITED 

(Incorporated In tii* Republic st South 
Afrtea) 


COUPON No. 94 

HOLDERS OF SHARE WARRANTS 
TO BEARER arc informed Out they 
will, on or alter Hie 4th August. 
1978 be paid 3.78702 b per share, fie. 
4.43532p the amount declared per 
Share, lea 0.66830 b being South 
African non-resident shareholder* tax 
of 15 D i against surrender of Coupon 
No- 9a 

Coupons must be deposited for 
TKkEE clear Days lor inspection 
before payment will be made! — 

in London at National Westminster 
Bank Limited. Stock Office Ser- 
vices, 5th Floor, Drapers Car- 
dens. 12 Throgmorton Avenue. 

In Parts' at Credit du Nord, 6 & 8 
Boulevard Haujsiiwmn, Paris (9e>. 
in Basle at Swiss Bank Corporation. 
In Zurich at Credit Smsse. 

Coupons belonging to holders resi- 
dent in Great Britain and Northern 
Ireland will Be paid as follows; — 

p 

Amount of Dividend after 
deduction cl Scalh African 
non-resident shareholders' 
tax Ol 15°. 3.78702 

Less: United Kingdom Income 
Tax ol IS", on the Gross 
Amount ol the dividend of 0.80196 


4.45532b 


Net amount 2-98506 


Listing forms can he obtained from 
the National Westminster Bank 
Limited, at the address shown above. 
By Order 

GENERAL MINING AND FINANCE 
CORPORATION LIMITED 
London Secretaries 
per L, W. Humphries 

24th July. 1978. 

London Office. 

Pnnres House. 

95 Gresham Street. 

EC2V 7EN. 

NOTE: Under the double tax agreement 
berween the United Kingdom and the 
Republic of Soutn Africa, me South 
African non-res Merit shareholders' tax 
applicable to the dividend Is allowable 
as a credit against the United King- 
dom tax payable Hi respect ol the 
dividend. Tbe deduction of tax at 
the reduced rate Of 18“» instead of 
at the basic rale of 33 represents 
an allowance of credit at the rate or 
15*i. 


MURATA MANUFACTURING 
COMPANY LTD. 
•CDRs) 


The undersigned announces that as 
from 3rd August 1978 at Kas-Asso- 
Cialie N.V.. Suulstraat t72 In Amster- 
dam and Krcdletaank S.A. Luxem- 
bourgeoise. 43 Boulevard Royal. 
Luxembourg div.cp.no. 4 ■ accompanied 
bv an "Affidavit") of the CDRs Murata 
Mfg. Company Ltd., will be parable 
with IIJI net per CDR. rppr. TOO shs. 
and with $15.80 per CDR. repr. 1.000 
shs. fdi*. per record-date 20.3-7S: 
gross Yen 3.75 p.Sh.) alter deduction 
ol i5To Japanese tax a Yon 56.25 = 
10.27 per CDR. rear. 100 Shs. and 
Yen 562.50 = 52.70 p. CDR repr. 
1.000 SftS. 

Without an Affidavit 20 Jap. rax 
i vi Yen 7S = 30.36 per CDR. repr. 
100 shs. and Yen 750 => 53-60 per 
CDR. repr. 1.000 shs.) will be 
deducted. 

After t.11.78 the dlv. will only be 
paid under deduction ol 20 s . Jap. 
tax with SI .49 and SI 4.90 resp. net. 
In accordance with the Japanese tax 
regulations. 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 

Amsterdam. 

19th July 1978. 


HOPE STREET FUND S.A. 
socidtc anonyme 
14. rue Aldnngon. Luxembourg 

DIVIDEND ANNOUNCEMENT 
The shareholders are hereby informed 
that the Annual General Meeting ol 
July 2lst. 1978 has approved the 
payment of a dividend of SUS 0.28 
per ?nare to snares subscribed and 
in circulation on July 21st. 1978 
oavablc immediately against presenta- 
tion of coupon number 9. 

The shareholders can cash the divi- 
dend at the rollowmg banks:— 

— GeI1 ‘ ra,e « ,tt Luxembourg, 

SJBBuSP™- 

—Clydesdale Bank Ltd.. 

30 Lombard Street, 

LONDON. 

The Board of Directors. 


KOMATSU FORKLIFT CO.. LTD. 
(CDRS) 

The undersigned announces that as 

from 3rd August 1978 at Kas-Asso- 

c.itie N.V.. Spuiftrjat 172 to aIEEST 

oam and at Banque Generate du 
Luxembourg. 14 Rue Aldringen in 
Luxembourg, dlv.cn. no. 4 (accamoanied 
■ I 01 the CDRs 

fnTJS**”.. Fork *ll* Co., Ltd., repr. 

" ,M . *>• payable with 
x? «*■?£*£. 1,01 J d,w - B * r record-date 

31.3 78: gross Yen 3.50 p.sh.j after 

deduction pi 15". Japanese toTST 

Yen 525 = US 12.56 per CDR. 

. JvS®*™ A ,?, oav ' 1 20“u Jap. tav 
dedwwd. 700 ~ us S3 - 4 2f will be 
1.1 1 .78 the dlv. will only be 

S sss-a 

w.th the ^SBR^TSsa^ 

Amsterdam. COMPANY N.V. 

July 19. 1978. 


MURRAY FUND 5.A. 

14. rue A ldringen. L uxembourg 
DIVIDEND ANNOUNCEMENT 
JJ* *. h A r0 ^ ,ld * r * » r « hereby informed 
i he AnnM l Gcmisfjj Meeting of 
J“'* 2i«. 1975 1 has aoproved the pay. 
men. of a dividend ol sus o.oa to 
,n c, rtulatlon 
21 st. 1978. payable imme- 
diately against presentation ol coupon 
number 9. 

The shareholders can cash the divi- 
dend at the fallowing banks:— 

— Banque Generate du Luxembourg. 

S.A.. 

27. avenue Monterey. 

LUXEMBOURG. 

—Clydesdale Bank Lid- 

30 Lombard Street. 

LONDON. 

The Board of Directors. 


anglo americAN EBHPSKSTOT 

OF SOUTH AFRICA LIMITED 
_ 'Incorporated In the 
Republic of South Africa) 

NOTICE TO MEMBERS 
Notice I* hereby given that the »Wty-ftrtt 
annual general meeting el members ol 
Anglo American Corporation ol South 
Africa Limited will be fold at 44 Main 
.JESS*- JghJnnKburg on Friday. August IB 
1978. at IthDQ. lor thu foHovring 
business: 

1. To receive and consider the annual 
financial statements in respect of the 
bitten months ended March 31 1978. 
a. To elect .directors In accordance with 
the provisions of the Corporation's 
articles of association. 

3. To consider, and it deemed lit. to uass. 
with or without modification, the follow- 
ing resolution as an ordinary resolution, 
namely: 

'•That the directors be and they are 
hereby authorised: 

ill To allot and issue all or any oartlon 
cl the 9 650 000 unissued redeem- 
able cumulative Preference shares of 
2.5 cents each in the eapKal of the 
Corporation and. after providing for 
the allotment and Issue of the 
ordinary shares In terms ol the 
share incentive scheme, the scan 
snare ostlon scheme and anv shares 
which .shall have been set aside 
for allotment In substitution lor 
shares in Rand Selection Corporation 
Limited arising on conversion ol 
bomb of U S3 1000 each representing 
the Rand Selection U5530 million 
6:.: per cent convertible loan 19B6. 
Bit or any portion or the remaining 
13 732 254 unissued ordinary sham 
ol ID cents each In the unital ol 
the Corporation, at such time or 
times to such person gr persons, 
company or companies, and upon 
Such terms and conditions as they 
may determine. 

On To make arrangements on such 
terms and conditions as they may 
deem fit for the subscription by 
underwriters ol; 

tal any shares offered by way of 
rights issues but not taken up by 
the persons entitled thereto: and 
(bl any. shares resulting from the con- 
solidation ol any fractional entitle- 
ments ifl respect of any shares 
Issued in pursuance of * rights 
■ssuc. provided that any rights to 
such shires which can be sold 
In nil-pmd form an The Johannes- 
burg and .or London - Stock 
Exchanges during the ported which 
they are quoted an such slock 
exchanges may be sold by the 
underwriters, and the net proceeds 
of any sale of such rights, shall 
be paid to the Corporation." 

The head office and United Kingdom 
transfer register! and the registers of 
members orthe Corporation will be closed 
from August 14 to August 18 1978, 
both d«v» inciwvc. 

Holder? of .share .warrants to bearer who 
won to, attend In person or by proxy 
orto vote at any general meeting o' the 
Corporation must comply with the regula- 
buM of JJ* Corporation under which 
share warrants to bearer are issued. 

A me mber entitled to attend and vote 
of the meeting is entitled to appoint a 
proxy to attend, speak and vote in his 
oread. A proxy need not be a member 
of the Conwation _ . 

Bv order of the, board 
, j. T. Goldhncn 
V Managing Secretary 

Strain Street! Johannesburg 2001 
July 25 19*8. 


TANGANYIKA CONCESSIONS LIMITED 
NOTICE TO HOLDERS OF ORDINARY 
DIVIDEND No. 62 


the Company’s Faying 


NOTICE IS HEREBY GIVEN that the 
Final Dividend recommended on June. 
I9i8 at the rate of Go per 5 Do unit of 
Ordinary 5:ock for the year ended 31st 
December. 1977. wm bo paid on or after 
2nd August 1 978 t o Stockholders regis- 
tered in the books of the Company on 
3rd July 1978 and to holders lor the 
time being ol Stack Warrants to Bearer 
as Indicated, below. 

Holders af Stock Warrants to Bearer 
must arrange tor an Authorised Depositary 
to deeosit coupon no. 62 therefrom 
at the office of tii ~ ‘ 

Asents; — 

Tanganyika Ho<c*nga Limited, 

6. John Srreet. 

LONDON WC1N 2E&. 

or to deuflM this Coupon fn BRUSSELS 

Societe General de Banque. 

3 MOfingne du Parc 
or 

Banque Lambert. 

24 Avtflue Mamix. 

or In PARIS ac- 
credit du Nord et Union Parisfenne. 
6 & 0 Boulevard Haussmann. 
or 

Messrs Lazard Freres & Cie, 

5 rue PI Net-Will, 
or In LUXEMBOURG at: — 

Swiss Bank Corporation. 
Acschenvorstadt. 1 
8A5LE. 

and all its Swiss Offices, 
or in LUXEMBOURG at: — 

Banaue General du Luxembourg, 
ta. rue Aldrlngaa. 

or 

Barauc International* a Luxembourg. 
2. Boulevard Royal. 

Coupons presented (or payment In 
Brussels. Fans. Switzerland or Luxem- 
bourg will require to be accompanied bv 
declarations to the effect that they have 
neither been received from nor are the 
property of residents In Uie United King- 
dom. 

United Klnqdoni Income Tax at the rate 
ol M'S, will be deducted: — . 
toi Where holders' realstcrod addresses 
are situated In Great Britain or 
Northern Ireland. 

fbi Where other holders on ihc principal 
Register have appointed Agents In 
Great Britain or Northern Ireland for 
the receipt of Dividends lor their 
Account. 

flej From payments fn respect of coupons 
presented m London, unless such 
coupons are accompanied by Inland 
Revenue Declarations. 

By Order oi the Board 
BAHAMAS INTERNATIONAL TRUST 
COMPANY LIMITED 
Secretaries 

□ate the 24th day of July. 1978. 

P O. Box N.7768. 

NASSAU, 

Bahamas. 


CONTRACTS AND TENDERS 


NATIONAL ELECTRIC POWER 
AUTHORITY— MGERIA 

Prequalification of Tenderers 
for 

300MW Gas Turbine Plant 
Sapele — Bendel State 

Tendering documents will shortly be issued for a single 
contract for the design, supply, erection and commissioning 
of all mechanical, electrical and civil works for 300MW of 
Gas Turbine Generator Plant and Auxiliaries. Powerhouse 
Building, Switchyard Extensions and connection to the 330kv 
system at Sapele Power Station, Bendel State, Nigeria. The 
prime fuel for this facility will .be natural gas and 
consideration will be given to arrangements suitable for 
future conversion to combined cycle. 

The proposed schedule for the work is as follows: 

(a) Preliminary Issue of Tender 
Documents 

(b) Formal issue of Tender Documents 

(c) Award of Contract 

(d) Completion of Works 
In order to qualify as an acceptable Tenderer Interested 
parties should have completed similar works and should submit 
information as follows by 31st July, 1978:— 

(1) Details of proposed gas turbine units and auxiliaries to 
meet the above requirements. 

(2; Operational history of proposed units including details 
of location, commissioning date and subsequent operating 
and maintenance record. Equipment without proven 
satisfactory operational record will not be considered. 

(3) Proposed manufacturing, delivery and construction 
programme to meet the above schedule. 

(4) Details' of experience in handling complete contracts of 
a similar scope and magnitude, including complete project 
description, details of actual construction period and main 
sub-contractors used. 

All applications should be addressed to : — 

The Project Manager, Sapele Gas Turbines 

SbawMont Limited 

c/a Monenco Overseas Limited 

York House, Bond Street 

Bristol BS1 3LY, England 


15th August. 1978 
15th September, 1978 
15th December. 1978 
30th April, 1980 


PERSONAL 


ST. KATHARINE’S DOCK 

For that very special occasion I 

PROMOTIONS, LUNCHEONS. COCKTAIL PARTIES, ETC 
aboard 

The Thames Sailing Barge “Jock " 

Moored alongside the Tower Hotel. 

Call and sm us. or ring: David Mantel], 01-488 2553 
Thames Salting Barge “ Jock. 1 ’ Sc. Katharine's Haven.- Tower Bridga. El. 


APPOINTMENTS 


Jonathan Wren • Banking Appointments 

' personnel consultancy dealing exclusively \Mth the banking profession 



FOREIGN EXCHANGE ADVISER c. £9,000 

The Treasury Department of a major corporation wishes to appoint a 
Graduate with Foreign Exchange expertise to the position of Foreign 
Exchange Adviser. 

Candidates should be numerate and have the ability to interpret and 
evaluate Foreign Exchange markets, to develop hedging strategy and 
present that strategy to senior management 
The position reports to the Manager, Banking and Foreign Exchange. 

P/ease contact MIKE POPE 


ITO Bishopsgate London EC2M 4LX 01-623 1266/7/8/9 


Accountant 

up to £8,000 

This post could appeal equally to a newly-qualified 
accountant seeking exposure to Stock Exchange work as 
part of career development, or to a fully-experienced, but 
not necessarily qualified accountant who seeks an 
interesting and secure position. 

You will work in tiie small, professional team responsible 
for supervising the accounting and financial requirements 
which The Slock Exchange places on its Member Firms. 
The work is stimulating and involves research, 
consultancy, investigations and other ad-hoc assignments, 
day-to-day contact with Member Firms and the 
. accountancy profession. 

A working knowledge of banking; Stock Exchange 
procedures, or partnership law and taxation, or audit 
w ork, is highly desirable. 

Wc offer an attractive employment package which 
includes a non-contributory pension, five weeks' annual 
holiday, and assistance with relocation expenses where 
appropriate. 

Please write with full details of your career and experience 
to date, or telephone for an application form, to Phil 
Mountford, Manager : Personnel Services. The Stock 
Exchange, Loudon EC2N 1HP (01-588 2355 ext, 8086) 



The Stock Exchange 


INVEST IN 50,000 BETTER TOMORROWS! 

50,000 people in the United Kingdom suffer from progressively 
paralysing MULTIPLE SCLEROSIS— the cause and cure of 
which are still unknown— HELP US BRING THEM RELIEF 
AND HOPE. 

We need your donation to enable us to continue our work 
for the CARE and WELFARE OF MULTIPLE SCLEROSIS 
sufferers and to continue our commitment to find the cause 
and cure of MULTIPLE SCLEROSIS through MEDICAL 
RESEARCH. 

Please help— Send a donation today to: 

Room F.l, 

The Multiple Sclerosis Society of G.B. and N.L 
4 Tach brook Street; 

London SWi 1SJ 



LEGAL NOTICES 


NO. 002332 or 1978 
IN THE HIGH COURT OF JUSTICE 
Chancery Division Companies Coon. In 
the Matter of HALLCROP LIMITED 
and in the Matter of The Companies 
ACL 1918. 

NOTICE IS HEREBY GIVEN, that a 
Petition for the Wtoduis op of the above- 
named Company by the High Coon of 
Justice was on Che Slst day of July 
1873. presented to the said Coon by THE 
INTERNATIONAL PAINT COMPANY 
LIMITED trading as international Build- 
ing Paints, whose registered office is 
at Henrietta House. B Henrietta Place. 
London WlA 1AD. Palm Manufacturers, 
and that the aajd Petition is directed 
to be beard before tbe Court sitting at 
the Royal Coons of Justice. Strand. 
Lundon WC2A 2LL. nn the 9th day of 
October 1978. and any creditor oc contri- 
butory of tbe said Company desirous to 
support or oppose (he matting of an 
Order on the said Petition may appear 
at the unw of hearing, in neratm or by 
his counsel, for that purpose: and a copy 
of the Petition will be furnished by (he 
undersigned to any creditor or eonmbu- 
lory or tiie said Company requiring such 
copy on payment of the regulated charge 
for tbe same. 

DILLON WESTON. 

la. Teoierdcn Street. 

London WlA 2BB. 

Ref: LWE/MAH. Tel: 01-629 9080. 

Solicitors for the Petitioner. 
NOTE,— Any person who intends to 
appear on tin hearing of the said Petition 
must serve on, or send by post to. the 
above-named notice in writing of bis 
Intention so to do- The notice mom state 
uic name and address of the person, or. 
u a firm the name md address - of 
Him and must be signed by the person 
or Brtn. or his or Lheir solicitor til any) 
and must be served, or, U posted, most 
be sent by- . post in sufficient tune to 
reach tile above-named not later than 
roar a’dodt in the afternoon of tbe 
fitii day of October 1978. 


PUBLIC NOTICES 


CITY OF CARDIFF 

£!.5m : Mils issued 2S.7.78 9 9»«% 

to mature 24.10.78. Total appllcstkiM 
were £17m. Total outstanding £1Sm, 


COUNTY OF SOMERSET 
Elm bills Issued 2E.7-78 0 gn B « 
mature 2S.10.7V- Tot*' 

Total outstanding Elm. 


EAST SUSSEX COUNTY COUNCIL BILLS 

£3,ooo.ooo Bills maturing od 25tti 
October 1878 were offered and issued 
on 26th July 1978 M an average rate 
of-9 ,, »% pa. 

Tool . a pollutions for this issue 
amounted to £34.000.000 and there are 
£8.000.000 BUN outstanding. 


METROPOLITAN BOROUGH OF 

£ 1 m- bills issuS*?^ a 9"i;*4 to 


HAMPSHIRE COUNTY COUNCIL 

£5m bills issued 26.7.78 et 9'ije% to 
mature 25-10.78, Total applications £ 37 m 
Total outstanding £30 m. M/m. 


RESIDENTIAL 

PROPERTY 


CBSSMwy . Ctermtna Onen Market Bun- 
dining room. £80,000 or plus tolly 
fISSSS » Wrtto Bex T.4S2*! 

t0 ’ Canmw ’ stre «- 


CLUBS 


CVT. 189. Reoent Street. 734 0557. A la 

Carta or AH-ia Menu- Three Spectacular 
Floor Shows 10.45. 12.45 and 1.45 iM 
mosic ol Johnny Haudtesworti, & Maids. 


GARGOYLE. 69. Dean Street, London. W.f 
nfw syripyease FLOORSHOW 

TH> GREAT BRITISH STRIP 
ShW" at Midnight and t am, 
MotirtFrl, Cosed Saturdays. 01-437 6455. 


fedmliHri Pa|B 

EDITH] BY ARTHUR BENNETT ANUTHJSCHOt I fcttS mM 


0 SAFETY & SECURITY 

Boat alarm system 


Marine ami 
at Clifford 


ana two u* — ■■ • — acuuis “U — 

detection of gas or fuel leaks and available from 
toxic fumes. Vehicle Alarms 

In The boat unattended mode House. New Kqad, SouibdUtpton 
the system offers five separate (0703 3710a). 

Finds the hidden bug 


PUT 0N“ the market by Merck 
and Hollander and able to pro- 
vide an answer to bugging 
devices, tbe Tracer SCD Auto- 
matic is a compact portable 
device which automatically scans 
all radio frequencies from 
10 MHa to 1.S GHz. 

The unit warns of a hidden 
transmitter within seconds from 
•• switch-on " and can detect the 
latest split frequency “sub 
carrier’’ devices which transmit 


on two different frequencies to 
avoid tbe risk of detection. 
Tracer detects these devices 
instantly. After a room has been 
“swept,” the instrument can be 
left in a listening mode using a 
special antenna system whicb 
encircles the room to be pro- 
tected. 

More from Merck and 
Hollander. 11. Beading Roud. 
Pancbourne, Berkshire. KGS 7LR 
(07357 2151). 


Theatre on the road 


channels covering unauthorised 
entry, tampering with the YJ® 8 * 1 
or with the alarm system itself. 
Once triggered the alarm will 
continue to operate until it t.*> 
reset bv the owner or his deputy 
with the appropriate Key. 

nniT nwvirws W hn worry In the case of the former, The supplier says a variety of 

BOAT OWA-EKS who wohy ^ is 0D safety, the additl onaI security and safety 

about tbe security of their ^pec^ 0 f the system jjpvices can be linked in with 

vessels when they are not on being automatically discon- S ystein which is claimed to be 

board or even when they are, necte( j up to seven channels simple enough for the boat 

might do worse than invest in are available Tor this situation own er in instat himself. Full 

an alarm system such as is now afld two of these are for the deta iJ s about the equipment are 

being marketed by Marine and ni >•.« in»i ir>akq rah • :i-ki«, imm \i:»rim* ant) 

Vehicle Alarms (UK). 

The system has been devised 
to cover such eventualities as 
fuel leaks, smoke and fire, 
intrusion and theft, bilge flood- 
ing and theft of externally fitted 
accessories. 

Called Seal arm, the system is 
being marketed as a basic kn 
which includes a control unit, 
electronic “sounder" (106 deci- 
bels) and a key switch. In addi- 
tion to the audible alarm, the 
navigation lights flash when the 
equipment is triggered. 

Containing 11 separate 
channels, the system is powered 
by 12 volts de from the craft's 
own batteries and it is possible 
by tbe key switch to select two 
modes of operation: boat 
attended or boat unattended. 

• CATERING 

Does all the 
brain work 

J2X PLACE oF the traditional 
cash register Wimpy’s 
modernised restaurant in 
Notting Hill Gate, London, now 
has computer - controlled 
Documentor management in- 
formation systems, supplied by 
Addressograph Multigraph, the 
first installation of this 
equipment. 

Handwritten hills and mental 
arithmetic are now eliminated 
and assistants are no longer 
required to remember prices. 

The terminals have item keys 
corresponding to individual 
menu items, which when pressed 
tell the system exactly what the 
customer ordered. Using its 
internal memory the machine 
prints out a complete descriptive 
bill, recalling prices, calculating 
totals, and applying VAT where 
appropriate. 

Throughout the day. AM Docu- 
mentor maintains a raw product 
stock record, keeping a tally of 
what has been sold and how 
many. At a later date, a com- 
munication modem will be added 
to the system to allow data 
transfer with a central computer 
after hours. 

More from Addressograph 
Multigraph at P-O. Box 17, 

Maylands Avenue, Hemel Hemp- 
stead. Herts. HP2 7ET (0442 
2251). 


Financial Times Wednesday Tuly 2? ; T97g 


TRACER 

PHONE 

Integrated 
telephone and 
paging 

Cass Electronics limited 

tom ffiw f 26 f itrintQmitm 






i*s* 


Removes 

stains 

A BIOLOGICAL solution which 
is said io remove root, tamrih 
end verdigris without posing anv 
health or safety hazards, comes 
from L'nibond. Tuacaa Way 
Camberley, Surrey GG15 3DD 
(0276 63135). ' ' 

The solution is called Bior 
and contains .enzymes which re- 
move oxides tod. other toms of 
corrosion and surface contamina- 
tion from most metals. Including 
iron. Meel. copper, brass and 
aluminium. 

The company claims it 16 be 
the first biological rust remover 
available To industry and says its 
introduction now enables high 
standards of health tmd safety, 
to be established- because the 
solution is non-flammable, non- 
poisonous. virtually odourless, 
harmless to the skin and biode- 
gradable. 



An impression of a proposed Inflatable 
structure for touring theatrical production 
units. The design shown here has been 
proposed for the Bubble Theatre Company 
by Pentagram Design. A structure similar 
to this has been used by the Bubble Theatre 
Company since 1974, but it has become out- 
moded and faced with increased audiences. 
Experiments with inflatable structures has 
resulted in a call for £150,000 to finance the 


development of an up-to-date structure that 
will provide all the facilities of a permanent 
theatre. i.e., green room, dressing rooms, 
front-of-hottse and bar facilities. Inflatable 
structures have been used for many years to 
provide both temporary and permanent storage 
and production, areas for manufacturers and 
Pentagram Design has based its proposals on 
experience gained in these areas, its latest 
design proposes accommodation for an 
audience of 350. 


TEXTILES 


No fumes at the mill 


IN THE textile trade woven— 
and some knitted — fabrics are 
taken through stenters or tenters 
as they are called in Yorkshire, 
for various reasons. In these 
machines they are held out to 
width on either chains carrying 
pins or simply clips, if it is not 
felt that pinning would be safe 
on ligflt fabrics. 

Many stenters are heated by 
gas and are used for either dry- 
ing wet cloth or for setting 
thermoplastic synthetics or 
perhaps curing prints or resins 
applied to cloths. Heat setting 
and drying require very different 
temperatures. 

One problem with the classical 
type of machine is that it 
generates and usually liberates 
noxious fumes which often are 
vaporised from the fabrics being 


treated although the fumes from 
the gas burners can also prove 
to be objectionable. 

Now a design of stenter has 
been developed in Yorkshire by 
E. Gordon Whiteley (Beech 
Works, Morley, Leeds LS27 ONL. 
Tel: 0532 5349551, which uses 
special gas burners developed by 
Dunlop. In these burners the 
waste gases from the stenter 
chambers are recirculated and 
any objectionable fumes are 
incinerated; then tbe hot gases 
are brought back into the 
chamber where together with the 
newly burned gas they maintain 
the operating temperature. 

It is claimed that with this 
system not only is the atmosphere 
kept very much more pleasant 
and the environment aot pol- 
luted, but there are also fuel 
savings of between 15 and 20 per 


cent compared with tbe burners 
in old type machines. 

The new frames can be of 
either the vertical type as used 
in the Yorkshire wool-based 
trade, or of horizontal design 
and can run at up to 200 metres/ 
minute. A new type of chain is 
used in bath versions of the 
machine. 

To aid setting the machines 
are fitted with the WIRA stenrer 
control which checks the tem- 
perature of the cloth being pro- 
cessed as it enters the final 
chamber or, if necessary, it can 
be positioned even deeper in 
the machine. 

The company says the machine 
is a significant development in 
the technology of stenter design 
and that it is suitable for hand- 
ling not only woven fabrics but 
also knitted and nonwoven 
materials. 


INSTRUMENTS 


Checks on water quality 


ACCURATE measurement of the 
dissolved oxygen in water in. or 
about to be fed in to the environ- 
ment remains one of the best 
ways of assessing its quality since 
this will determine tbe extent of 
acquatic and plant life. 

But it is frequently necessary 
to measure other quantities as 
well, and to this end Abbey 
Electronics bas developed an 
instrument tbat will provide data 
on pH. conductivity, specific ion 
level, temperature and depth. 

Designed for rugged field use 
the unit is battery ooerated 
(using re-cbargeablc cells) and 
can operate with up to 150 metres 
of cable between sensor and 
display unit. 

The equipment produces a fast 
response on all six measurements 
and shows the results on a liquid 
crystal display that is easily read 
in bright sunlight The sensor 
cables simply plug into the main 
unit and a carousel device is 
provided for easy cable feeding 
and re-wind. 

A version of the instrument 


can be supplied for the oxygen 
measurement only. More from 
the company at Charter "Wav, 
Macclesfield, Cheshire (0625 
29531). 

Covers any 

temperature 

requirement 

AN OFF-THE-SHELF modular 
measurement system from Fluke 
International is designed to 
satisfy most of the temperature- 
measurement requirements in 
research and development, 
industrial production and labora- 
tory environments. 

Called Templak. the system is 
based on either a 21S0A digital 
thermometer for applications 
using platinum or nickel resist- 
ance sensors, or a 2190A which 
is intended for use with a wide 


variety of thermocouples. Both 
instruments offer manually- 
selectable centigrade or fahren- 
heit operation. The 21S0A has 
a resolution of 0.01 degrees and 
the 2190A 0.1 degrees. Optional 
equipment allows the definition 
of maximum/minimum limits by 
means of digital thumbwheel 
switches and a delta readi n g 
mode detects only variations 
around a temperature setpoint. 

Digital and analogue outputs 
can be provided for external 
equipment and other, options 
include alarm outputs, thermo- 
couple calibration and a 
rechargeable battery pack. 

With Fluke's new jmggedised 
industrial interlocking casings, 
each module can be clipped to 
the next so that the Tempak 
can be tailored to meet individual 
requirements in one lightweight 
and convenient portable package. 
Additionally, the modules are 
adaptable for rack and panel 
mounting. When used together 
they are linked through a com- 
mon accessory bus, which greatly 
simplifies the expansion of a 
system. 

More from Fluke International 
Corporation, Garnett Close, Wat- 
ford WD2 4TT (0023 33066). 


• COMMUNICATION 

Telecoms 
power pack 

TO MEET the needs of tele- 
communications authorities and 
others who need a complete, 
minimum-attention power supply 
that can be delivered straight to 
site to power, say, a telephone 
exchange, Dale Electric is offer- 
ing a system housed in an ISO 
container suitable for use in all 
climatic conditions. 

The unit can be supplied to 
meet various power level needs 
and can have one, two or three 
Dale air-cooled diesel generating 
sets operating in conjunction 
with Erskine dual rectifier/ 
battery charger units with 
batteries to suit load require- 
ments/ 

Considerable redundancy can 
he built in to guard against 
failure of - particular units and 
environmentally little has : been 
left to chance — there is even a 
distilled water storage tank in 
the battery compartment, which 
also has drainage points for 
removal of spilt acid or water on 
the floors, which are treated, 
along with the walls, against 
corrosion. 

. To ensure continued operation 
for up to four months without 
attention, the generating set 
compartment has a bulk lubricat- 
ing oil tank with automatic level 
top-up equipment. 

Called Gemini, tbe unit Is 
completely assembled and tested 
at Dale's UK factory near Scar- 
borough. All that is needed at 
the site is a concrete base or 
similar bard surface: it is then 
only necessary to fill up the 
lubrication system, fill and con- 
nect the fUel tank and plug in 
the load cables. 

More from the company at 
Electricity Buildings. Filey, 
Yorks YOM 9PJ (0723 514X4X7- 


• MATERIALS 

Insulation 

with 

precision 

A CRUCIAL part in America’s 
space shuttle project is being 
played by LK Tool, a metrology 
specialist based at East Midlands 
Airport. The company has 
designed a lightweight unit, 
weighing only 30 lb, for cor- 
rectly spacing the 34.000 silica 
glass insulating tiles that cover 
70 per cent of the shuttle’s sur- 
face. The rest is glass wind- 
shields and windows. 


Each of the 34.000 tiles has 
to be accurately milled to match 
the curvature of the exact place 
on the aluminium skin it will 
occupy, and no two are alike. 
The great mapority of them are 
150-200 mm (6 or 8 in) square 
but several hundred have to be 
cut individually to complex 
shapes. To create a smooth 
dynamic shape in protecting the 
shuttle against entry tempera- 
tures of up to 1,260 degrees C 
the tiles must be accurately posi- 
tioned l/40thousandth of an inch 
apart C0.0004 in) on all sides for 
cooling purposes. 

The job of positioning the tiles 
most awkwardly placed on the 
varying. curvatures of the shuttle 
has defeated the Americans, a 
problem intensified by the fact 
that the shuttle will be used 
on more than one occasion so 


that replacement lilcs need to be 
ptit on. 

LK Tool’s solution io this was 
to devise a lightweight alu- 
minium portable three-axis co- 
ordinate measuring unit looking 
like a miniature space ship whose 
feet are planted on the tiles. Ten 
such machines are needed. 

The company's expertise in the 
field of precise measurement has 
won it increasing business from 
aerospace and automotive custo- 
mers from Rolls-Royce and 
General Dynamics to Ford in 
America and UJC and Hyundai 
in S. Korea. Turnover in the 
year ended last March was 
nearly £2m. In tire first three 
months of this financial year 
£lm worth of firm orders has 
been taken and another £3m is 
already being negotiated. 

PETER CARTWRIGHT 



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EDITED BY CViRISTOPJH 


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-successful entrepreneur 
..spends his working life 
g up a. growing and pros- 
basiness must ultimately 
^irhal may well he the most 
t and disturbing decision 
-careen what to do about 
ownership, control and day- 

management of the btrsi- 

|ss When he gets old. Founders 
f such businesses are naturally 
ften anxious to ensure a con- 
..•jjuation of the style of man- 
oemeat and the independence 
finn outside pressures that 
ie y have fostered. 

Idea] solutions, are not easily 
jund, however, especially with 
jgh taxation, and it is rare for 
ie founder of a business to be 
Die to pass on his inheritance 
Ttaet. Often he will sell out to 
ther shareholders or. occasion- 
tfy. will turn his business over 
) his employees who become 
:e owners through some sort of 
brlcer-co-operative trust 
A different solution, involving 
charitable trust owning the 
nnpany, a professional man- 
ner being imported to succeed 
re entrepreneur at the top. to- 
stber with a novel approach to 
mployee participation and 
rofif sharing, is now being 
•jed by Mr. Stanley Grundy, 
i-year old founder of the 
: i" rundy Group of Teddington. 
The group started nearly 50 
ear* ago in architectural metal- 
wiring in Teddington and in 
.... 934 there were 15 employees 

^ nd 8 $25,000 annual turnover. 
I«w there are a dozen com- 
L *nies with over 2.000 

mployees and a £35m turnover 
t-i Scattered in factories around the 
,rome Counties, the Midlands 
-jnd South Wales, making pro- 
iucts ‘ that range from 
Pi Aluminium beer barrels and 
filing equipment to gun parts, 
itjbiless steel car exhausts and 
*\ Computer peripherals, and con- 
lints of scientific laboratories. 

' -‘fThere are no outside share- 
s’;:: . elders and all investment is 
7?. ^.hnded from the group's profits 
. 3 apart from joint ventures like 
-? car exhaust factory set up 
" jointly with the British Steel 
: v " borpo ration at Ebbw Vale). Mr. 
j. Jrundy has no sons or other 
i oembers of his family to take 
iver and for some years has 
ieeo concerned about what to 
to with his still expanding 
msiness. 

His own views on company 
ownership and management 
sclude some possible solutions. 
While he believes, for both 
paternalistic and practical 
easons, that his employees 
should have a say in how busi- 
less decisions are carried out 
ind should share in the profits, 
ie does not believe that they 
should confuse their functions 
ind interests with those of the 
rwners by becoming share- 
ioldcrs either through a share 
ownership or a worker-co-opera- 
'•'Sre system. He also does not 
relieve that the direction and 
Ji3i)3gement of the group should 
. re complicated by shop stewards 
ir other similar employees sit- 
ting in the boardroom. 

1 ** I don’t believe it is possible 

tor any worker to represent 
other workers " says Mr. 
Grundy. ** He is either not an 
affective representative or he 
loses his credibility on the shop 
3oor because he becomes part 
jf management and so has no 
lime to do his normal work and 
keep in touch with his fellow 
employees.” 

Mr. Grundy's search for a 
Formula that would secure the 
continuation of bis firm in the 
style he had created started 
in 1961, after he had studied 
various forms of co-partnership. 
He created the Stanley Grundy 
Trust as a charitable trust to sit 
as the top level of a two-tier 


John Elliott reports on how the founder-owner of 
the Grundy group is adopting a novel approach 
to employee participation and profit-sharing 

Handing over the 

reins of power 


structure on top of the main 
Grundy group board. The Trust 
now owns approaching 70 per 
cent of the company, with Mr. 
Grundy and his family retaining 
the rest. Its job is to establish 
“ a satisfactory performance 
yardstick for the group and to 
ensure its successful achieve- 
ment and to allocate income 
from the group companies to 
suitable charitable causes.” 

When Mr. Grundy starts to 
withdraw- from day-to-day 
charge of the group fhe plans to 
semi-retire and maybe become 
president within IS months), 
this Trust will gain importance. 
It will be the ultimate source of 
authority and the point of 
managerial accountability 
because there are no outside 
shareholders. At present . its 
members are Mr. Grundy, his 


telecommunications division. He 
moved to Grundy as group 
managing director and Mr. 
Grundy’s heir apparent two 
years ago. 

Mr. Reynolds now not only 
has to adapt from his GEC 
background to the general style 
of his new company, whose 
motto is- “Adding to the quality 
of life.” He will also have to 
work within an unusual 
employee participation system 
where an outsider is hired as 
an “employees’ director” to 
represents the employees' views. 
This follows Me. Grundy’s belief 
that workers cannot effectively 
represent each other in dealings 
with top management and that 
in any case, they are not quali- 
fied to make useful contribu- 
tions in the boardroom. 

The employees’ director 


But ad extra responsibility 
for the trustee council, in 
addition to various consultative 
arrangements linked to manage- 
ment decision-making, is that it 
helps to choose and hire an em- 
ployees’ director. In the 
Gloucestershire experiment the 
factory's personnel director, who 
had just retired, returned for a 
day a week to do the job. But 
the net has been cast wider for 
the Uxbridge and .Teddington 
companies, whose trustee coun- 
cils exposed the normally some- 
what reticent group to unusual 
publicity by advertising in the 
national press for their em- 
ployees' director. 

The Uxbridge advertisement, 
which illustrated the problem 
that any employee participation 
system would have in trying to 
find outsiders to represent em- 



ASHley Athwood 

Professional manager Mr. Richard Reynolds (left), heir apparent to Mr. Stanley Grundy 


daughter who will remain as a 
major shareholder and the 
family’s representative, the 
group’s deputy chairman, its 
managing director, the manag-. 
ing director of its biggest 
operating company, and its 
financial director. Later one or 
two other operating managing 
directors may be invited to join, 
and two non-executive directors 
may be brought in from outside 
to watch over the resident 
managers and help to provide 
some sort of blocking 
mechanism on such issues as 
taking in outside shareholders, 
the allocation of profits and the 
fixing of top salaries. 

The main risk is that Mr. 
Grundy’s successor as chairman 
—with no outside shareholders 
to account to— could change the 
style of the company or let it 
slip away from its successful 
growth record. Mr. Grundy 
therefore looked carefully for a 
successor and eventually chose 
a senior GEC manager, Mr. 
Richard Reynolds, of whom he 
had heard through contacts in 
the electronics industry. 
Regarded within GEC as one of 
its bright young managing 
directors of the future, Mr. 
Reynolds, aged 41, was running 
the telephone section of GEC s 


system started as an experiment 
2 i years ago in a small Grundy 
factory in Gloucestershire — 
chosen,, says Mr. Grundy, 
because the ripples caused by 
the i experiment would not 
impinge on his other factories 
elsewhere. 

It proved • successful and is 
now being extended to an 
Uxbridge subsidiary, Morgan 
and Grundy,', which makes 
scientific laboratories and em- 
ploys 200 people, and to the 
group’s main operating com- 
pany, Grundy Teddington, which 
employs about 1.100 in four 
different locations. 

The system — based on what is 
called a co-partnership trust— is 
broadly the same in each com- 
pany and involves splitting the 
workforce into groups of about 
20 to 30 people, each of which 
elects a trustee to sit on a 
trustee council covering the 
whole company. This council is 
in effect the employee’s side of 
an 'ordinary joint consultative 
committee and works alongside, 
but is not based on. established 
trade union procedures. It is 
quite separate from the group 
level Stanley Grundy Trust 
which, as has already been ex- 
plained, is the group s majority 
shareholder. 


pJoyees or bold the balance in 
a boardroom between differing 
interests, said: “Morgan and 
Grundy employees have already 
selected seven trustees who now 
wish to appoint a director to re- 
present them on the main 
board. This part-time post will 
require an average of four to 
five days* work a month. Can- 
didates should have strong, 
sound management experience 
— ideally at board level— but 
should be as much at home on 
the shop floor as in the board- 
room. They will also have to be 
good communicators, be able to 
see both sides of any situation 
and dearly possess qualities of 
leadership.” 

Although the advertisement 
did not say so, the job carries 
a salary of about £2,000 to 
£3.000. while about £8,000 to 
£10,000 is being paid for the 
Teddington post which is full- 
time. The salaries are paid half 
by the company and half out of 
the employees 1 profit sharing 
allocation. 

Mr. Grundy has the final say 
over who is appointed because 
the trustees have to submit 
their first two or three choices 
for him to interview. At the be- 
ginning he said he wanted some- 
one with engineering exper- 


ience. This system has just led 
to the appointment to the Ted- 
dington job o£ a man of about 
50 who has been a company 
director and a management con- 
sultant - 

This employees* director now 
has toe difficult job of striking 
a balance between being an 
advocate for the employees and 
a member of the board. He also 
has to be accepted by the 
managers, which means he must 
not upset established lines of 
communication and authority. 
He will also have to strike up a 
relationship with the company’s 
established trade anions, 
because the factories are 
heavily unionised, mainly 
through one of the minor craft- 
based engineering unions, the 
National Society of Metal 
Mechanics. 

Up to' now the unions have 
neither openly supported nor 
opposed Mr. Grundy’s participa- 
tion initiatives, which of course 
fall far short of the TUC’s 
national industrial democracy 
demands. Some shop stewards 
have, however, been elected as 
members of the trustee councils 
anj the unions may soon have 
to face up to the fact that the 
trustee council system could 
take over some of the employee 
consultation work that they 
have run in the past. Existing 
welfare arid health and works 
committees are, however, being 
maintained to handle personnel 
matters. 

Backing up this system is a 
profit sharing scheme under 
which cash handouts are paid to 
employees. These are related to 
the profits of their company and 
bow labour or capital intensive 
their factories may be. Thus, for 
instance. 25 per cent of the more 
labour-intensive Gloucester 
factory’s profits have gone 
recently to employees, while the 
percentage at Uxbridge was 20 
per cent and at Teddington 15 
per cent The money is allocated 
to individual workers in propor- 
tion to their salary and length 
of service, and on average adds 
10 per cent to their income. A 
small proportion of the group's 
total profits is given to charities 
and virtually all the rest is 
ploughed back to provide the 
group with its capital Invest- 
ment 

Some people - w21 -probably 
dismiss Mr. Grundy’s. initiatives 
as of jlktie substance because 
the employees have no - new 
righls-of ownership or decision 
malting.- Others will say that -the 
ideas' -are well meaning but 
paternalistic. But at a time 
when the survival and identity 
of small and medium-sized firms 
is a matter of national concern, 
and when the issue of how em- 
ployees can make themselves 
heard in the ' boardroom and 
elsewhere .is far from resolved, 
the Grundy- developments are 
far from insignificant. 


The search for ways of 
preserving the financial 
power of your pension 


THE LAST column on pensions 
showed how an employee’s pen- 
sion rights are currently 
diluted if he changes jobs (this 
page May 31). An example 
compared the benefits acquired 
by a man slaying in the same 
job as against one who changed 
jobs. The ultimate pension was 
lower, even though on change 
of job the employee secured a 
higher salary. 

The Occupational Pensions 
Board has been asked to con- 
sider what further steps should 
be taken to protect the occupa- 
tional pension rights and expec- 
tations of employees who 
change employment. Mr. Len 
Murray, of the TUC. speaking 
in May at the annual con- 
ference of the National Associa- 
tion of Pension Fuads, stated 
that the ultimate pension 
should be the same irrespective 
of the number of times an em- 
ployee changes jobs. Let us 
examine what this means. 

A pension is based on the 
number of years an employee 
is a member of a pension 
scheme, and the level of his 
final salary. During his working 
life, his salary rises from pro- 
motional and merit increases 
and also from salary inflation. 

The problem when an em- 
ployee changes jobs is that 
under current practice his pen- 
sion rights from his first 
employer are based on his 
salary at the time he left em- 
ployment. It takes no account 
of the increases that would 
have been paid had he remained 
with that employer. The basic 
question to be answered is 
whether the former employer 
should revalue the pension to 
take account of these increases. 
There is a strong case that he 
should at least revalue for 
salary inflation. 

In funding for the ultimate 
pension, the employer should 
hove taken into account future 
inflationary increases, either 
directly through the amount of 
contributions paid or indirectly 
on the assumptions made re- 
garding the investment return. 
So whatever method is used, the 
employer should accept respon- 
sibility for preserving the real 
value of pensions based on the 
salary level of employees when 
they leave his employment At 
present the employer makes a 
profit when an employee leaves 


compared with the costs should 
he have stayed. 

Although many employers, on 
the advice of their consultants, 
also make allowance for future 
promotional and merit in- 
creases in funding pensions, 
employees in . all fairness can- 
not expect their previous em- 
ployers to adjust pensions for 
such increases once they have 
left their employment This 
must surely be the responsibil- 
ity of the new employer. So 
the fairest solution to the prob- 
lem of preserving pension 



rights would be on the follow- 
ing lines. 

On leaving service, the pen- 
sion earned from the previous 
employer would be revalued so 
that it maintained its value io 
line with earnings increases. 
But nothing more should be 
imposed on that employer. 

This solution would not mean 
that the employee would be no 
worse off than if he stayed with 
one employer. He would lose 
the full benefit of promotional 
and merit increases received 
from his second employer. But 
it should be the responsibility 
.of that employer to make up 
any difference, either through 
an individual pension arrange- 
ment within or outsi.de the com- 
pany pension scheme. This 
should be bargained for by the 
individual on changing employ- 
ment. 

There ' would be several 
problems to overcome if this 
solution were to be adopted. 

The first would be to decide 
how to revalue the paid-up 
pension. The ideal index would 
be that of National Average 
Earnings: after aU. pensions 
are now regarded as deferred 
pay. and by basing pensions on 
final salary, employers are 
effectively revaluing pension 
entitlement in line with earn- 
ings. But this revaluation 
would leave the employer with 


an open-ended commitment. He 
would not know at the time the 
employee left Ills service what 
the ultimate pension require- 
ment would be. If pay increases 
returned to the 2U per cent rate 
seen in 1974-75. the cost of 
revaluation could be very 
expensive. 

in such circumstances, 
employers would find the 
burden heavy for existing 
employees; the extra burden 
for previous employees could 
be the last straw. The drain on 
resources would be too much. 

Thor* should therefore be an 
upper limit on the revaluation, 
so that when the employee left 
the investment policy could be 
adjusted accordingly. This is 
w-lint happens to guaranteed 
minimum pension (CMP) 
preservation on contract ion -out. 
The employer can revalue the 
pension up to SI per cent and 
the Stale meets any cost on top 
of this figure. 

An alternative would he for 
the employee's previous pen- 
sion scheme to pay his current 
one a lump sum to enahie it to 
take on complete responsibility 
for his or her pension. This al.su 
happens in the State scheme, 
where the GMP responsibility 
can be taken over by the pay- 
ment of a lump sum. 

This seems a logical solution 
to the layman, but the experts 
do not like it very much. The 
problems of calculating the 
lump sum are not too compli- 
cated if the pension schemes 
are similar m terms of both the 
level of benefits provided and 
of the retirement age. Where 
they differ, and many do, then 
actuaries could argue for ever 
on the method of calculation. 

The other solution being put 
forward is that employers 
should stop funded pension 
schemes and revert to a pay- 
as-you-go system, where current 
pensions are paid by the 
employer out of company earn- 
ings. Then the employee would 
bargain for his pension entitle- 
ment and the company employ- 
ing him at the time of retire- 
ment would pay the pension 
bill. As long as the emphasis 
in the UK is on the absolute 
solvency of pension schemes, 
this solution is a non-starter. 
But it needs further considera- 
tion. 

Eric Short 


Why business must 
make itself heard 


LAST NIGHT, In the rural 
Hertfordshire setting of the 
Ash ridge Management College, 

Lord Watkinson. until recently 
president of the CBI. announced 
that he was handing to the 
college the papers and 

documents collected : in 50 years' dock-card the right backing for industry” 

experience °f top industrial were n x 1 ]g ^ g He went on t0 ^ o,* here 

and government positions. with liveTof their lay the cause of such ailments as 

Taking the opportunity to national and local low productivity, industrial mili- 

reflect upon the performsnce of 1 could not be the taacy and governments who 

Brmsh management over the of politicians, hung legislative millstones 

years. Lord Watkinson said he frame in around the necks of business, 

had always believed that oecause ineysei work. “ It is really essential to the 

management failure lies in an “JSToJd it or noL future of our country that we 

unwillingness or inability to they _nftea ^ learn how t0 do better at the 

ma w % Affairs - n negated tatert.ee between business and 

’‘^.Ven^.s concerted tt,e ^ - fi TSHi eupteined, ta he>p 

solely on the success of its own whit* is *5*1*?*. debates on overcome this problem that he 
businesses and forgotten, in too must be beard in was contributing a number of 

many cases, that its emplo yees public policy, if w e are . an< j documents spanning 


ment and industry. These will 
include those of his ministerial 
papers which the Cabinet Office 
will clear before the 30-year 
rule. In addition: “ Some 50,000 
words of description of how I 
have seen the interface between 
industry and government under 
six Prime Ministers, and some 
thoughts and papers on the 
future of industrial participa- 
tion at company level and at 
national level through NEDC. 
of which I was a member for 
two years.” 

He called on other industrial- 
ists with experience of the 
corridors of Whitehall to follow 
his example so that Ashridge 
could build a “ unique syllabus ” 
for directors and senior 
managers on their relationship 
with government 


COMPUTER FRAUD 
ON THE QE2 


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ami «ja«H.Tort. _ Ja _ ija 

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Looking 


National Cycling Championships this week ; Gillette 
Cup cricket next. There’s a lot to enjoy >n 
Leicester — especially If you’re a sportsman. 


Ur Lr 

44 i L 

fly g y nr 

lbcesier 

RtfloUnecortn 


Enquiries to: 


Gordon K Staidi FRI^ 

Industrial Dwolopmwt CW«r 
Telephone 0533 S43322 ExcSTQO 

John Brown FRICS 

Industrial Promotion Officer 

Telephone 0533 549922 Exi.6760 

Leicester City Estttes Dept, 

New Walk Centre. 

Latest ef LET8ZS. 


his extensive career in govern- 


Jason Crisp 


BUSINESS PROBLEMS by our legal staff 


Naming nominees 

Foot others and myself are 
forming a company, but it is 
important at this stage that my 
name is not listed as a director. 
Would it be legal for my wife 
to be appointed and hold the 
shares in her maiden name as 
we wish to keep our surname 
off the listing? 

It is permissible to have shares 
held by nominees for ah undis- 
closed principal or beneficiaiy; 
indeed it is a common practice. 
You may prefer not to procure 
your wife to use her maiden 
name (if she does not habitually 
do sol, but to arrange for an 
independent nominee e.g. your 
solicitor or accountant Of 
course, if not shown on returns 
as a director you should not act 
as such. 

Land letting 

For some years I have allowed 
farmer to graze Ins cattle 


return for which he keeps the 
field tidy, but pays no rent. He 
has now asked me to let him nse 
the field for four to five years. 
What do you think I should do 
to make sure 1 do not convey 
on future legal rights to nse 
the land to him? 

If you effect a letting you will 
be wise to make it fall within 
the provisions of Section 2 of 
the Agricultural Holdings Act 
1948. You can do this by restrict- 
ing the use of . the field to graz- 
ing or mowing hay only and 
making the letting for a term 
certain of less than a year, e.g. 
360 days. You can then make a 
fresh letting a few days later for 
a period of 360 days, and' so on. 
But you must NOT provide in 
the tenancy itself for the term 
to be renewed. 

No legal responsibility can be 
accepted by t/» Financial Times 
for the answers given . In these 
columns. All Inquiries will be 

« ~ o — answered by post os soon OS 

occasionally on a field I own, in possible. 



like Sam. 
But right now 


them! 


'If yaws is a private manufacturing firm then 
you maybe entitled to financial help from the 
Government. 

If you employed under 200 people onl5th March 
1978 man Assisted Area, or one of the Inner City 
Areas within London and Birmingharrt then under 
the Small Kims Employment Subsidy every 
extra full-time person you take on could get you 
£20 a week-and certain part-time workers £10 
a week. You could get^ this forup to 26^ weekq, .which 

a0 should see you over their initial period 
while they gain experience. 

g The map shows the approximate locations 

of the Assisted Areas. Send in the coupon for 
the explanatory leaflet on the Small Firms 
Employment Subsidy, orphone 
J ack Beilis on 01-214 6446. This 
scheme is openfor application 
until 31st March, 1979. And 
the sooner you apply, the better 

HI Assisted Areas 
bmerCity 

' Partnership Areas only 




Small firms Emptoymeae Subsidy 


r 

i 

i 

i 

» 

i 

i 

L 


inrasaEsarasai 


Please send me details of tbe Small Firms 
Employment Subsidy Scheme, and the 
areas in which it applies. 

Post to: Jack Beilis, Small Finos 
Employment Subsidy, P.O. B ox 702, London 
SW20 8SZ,or telephone him on 01-214 6446. 


Name. 


Company. 
Address 


Department of Employment 


i 

i 

a 

i 
i 
i 

a 

..j 




10 

LOMBARD 


Financial Times Wednesday July 28 1078 


The enigma of 
Mr. Healey 


Now is the time to make new from old 

m now those cuttiQRs into ton earth.* ! an* never sort 

TOO MANY gardeners are still rooted cuttiDgs^glrown ou tougfcly bSfe ^yoa Ind^Ief? which are put near the if'SoUpMMW expariarat.. *"* 

?^‘2!?JSSft » r_“ Sli base. Almost e™** ^ *, 

curangs TO “ • ** Q „ i»t them hug the sides p mfc - *nd Fuchsias root iiE 


— Duameias or .uaveuuer leaves seeauug compost, rneuus it is . A — „„ _ *«!.» IS leu »uw n, “o- % r 2£ ,«**>•* oj 

them believing in green Angers neighbours are always generous ignored, that you should take and tie it as soon as you nus* tfin ^ s tQ roL stem on your piece. Take tbeg^ 

nir . nr . , . and crediting me with more skill when asked for unrooted bits of tD the poly- then, below the joint But Whit 

BY PETER RIDDELi. than the weeds all over my this or that My best plants have i ^ e - vt . - 0 «- lin over the pot about Daphnes, not tast the 

slowly-emergent vegetable garden all been begged or grown-on CAPnPNS TODAY «.'nnoriine it on longlsh lovely Odom. Stdmmla* 

VICTORIAN novelists used to forward The industrial strategy would otherwise suggest Ah. but privately. The next fortnight or UHllUtHJ or box. suppor ^ ^ u na winter erorKree^ . allye,, 

sr r SMfss by ro»n ^ fox S>ss. rjm %Ar% 

i«3S5;i,;SiSr ff 1 swara*.* S* as® «— fc wmi* «St 5S & -sfe^v-2 

elude such comforts The' stark ' t> . , ' the lawn is far slacker than those There are one or two tricks, not plant which you can find. From pots and boxes. Trip t ^ a ^nnUs or so later They will Campanulas. Rebec. Boddle jy 

Maffattit? St' faced' MT But f rha ?f, Btyle d < wil0 do d0t mak ® themselves man ylndi had better set them all of the varieties I mention, lower leaves cleanly with toe three weeks ; o : so . later inp jm 0rmw Btoaon, Rnffi 

SHeal^maybe making hfs a P pr0ach r 2“l do ^present heard- every week. outYouneeda sharp knife or choo.se this year’s growth which razor-blade, so that f • nl -Mq> 

last Parliamentary appearance as es: Vr^Healey Tan* best be If there is any one Useful thing a razor blade, some polythene has not yet flowered. Try to a three^or °j^ r * >^e n - t hev seem to be showins Penstomon? They Me aU so 

Chancellor of toe*Excheauer view ’ ' ± f^L ey caQ j < I can tell you, it is simply that bags and as many pots and seed take it where the new growth cutting is left bare. it you wnen i . tl} j el obliging and so much better by 

within the next week. This e?ent regarded as a MmagOT devoid^of most are a b su ^ y y easy, boxes as you can* fill. Your com- joins the harder and older stem, happen to > have ! Picked wito “ ew _ ^mti^Vir'fienUv 5t first, the 20 or SO, U» S^eld of any 

has. of course, been predicted “J- I You soon develop a feel for them post should be light. Cuttings On almost everything, this is buds or Mwenkjwt mt vn a ®jj 0 S or thrc * days, one parrot-plant Spend s ^ 

with regular inaccuracy over toe SSnMhJ^tate^mework^nd a and know instinctively, the point insist on sharp drainage. Make the best point for ^wroots. of the i J«PJ- «“• JELl*"® removed A week or so later evening with thebags and blade*, 

last two years, but now it d.oes corporatestate framework and a from w hich roots will sprout most three heaps, one of your own Younger, growth has to harden half your cpttln fc s length,, toe reamc s 11 . rot iings out. If yoa want a told gardto. XuH 

seem as though, whatever the concern with suryivaL. The tag simply The next fortniriit is toe soil or a reasonable polting-loara. its end into a callous before it bare half, “ t0 _****, yo J\ hnnestlv. as easy as that, of your best things in masses. 


them believing in green fingers neighbours are aiwaj'S generous ignored, that you should take and tie it as soon as you tase tfin ^ s tQ roL stem on youf "piece. Take theg^ 

and crediting me with -more skill when asked for unrooted bits of — — — — — turn to the poly- then, below the joint Bat What 

than the weeds all over my this or that My best plants have ^ „ «- lin it mr the pot about Daphnes, not least toe 

slowly-emergent vegetable garden all been begged or grown-on CARDrNS TODAY «.nnoriine it on lonsish lovely Odom. Sldmmlas 

would otherwise suggest Ah. but privately. The next fortnight or \aiMiCUtIw3 or boX *nr U pines so that It no winter eventreexto allvert 

he grows his own Skimmias and so is toe time .to. multiply your N P twigs or cutting’s variegated and good goifa, 

things called Carpopterfs, they good things. Introduce otter BY ROBIN i_ANt FUA longer touene under the Thyme*, Rosemary, ; gji 

tell themselves. No wonder toe people’s and enjoy the pleasant greencir- ■ . ntcrs i» aV e Lavenders, Mpedally -toe dark 

FT gives .him space, even if his work of taking and striking the . hf* so tbatnoa ^ bme Hidcotc which you seed fa 

attitude to mildew and weeds in bits and pieces. cuttings of the healthiest parent- them. Bnng ttemback to your it on, ‘ { proving, big clumps, all - the rack 

the lawn is far slacker than those tj,^ are oae 0 ^ mcfcSt no t plant which you can find. From pots and boxes Trim off toeir cutting:, seem . Campanulas. Robe*. Bcddlefa- 

Who do not make themselves many lnd I had ^bett?r set them kll of toe varieties I mention W teje. cleanly wto toe ^ Ito pSl“ Mack Orange Blossom, Rtrffi 

heard every week. out You need a sharp knife or choose this year’s growth which razor-blade. » that 5fJi S.t thev will not dry out. "Bonendep" and every wrt of 


Adjustment 


r men, ii you want io improve your or peat ana two oi sanu ueci, uu vt > v> t T r R hAfnrr von 

. consultation and deals represent- gardens at no expense. Your own excellent balance Water it well just a short tongue of wood torn it. This firmness is most Im- Seradix 

■ ing an ideology in itself. This is, ■■ ■ 


rvujucsiiuvui however, a long way from any ' 

another Chancellor; after" all, the 0 jf 0 f social democracy/demo- Jaazeiro seems set to take 

Barber years now seem almost socialism as proposed by 

a generation ago. But just as C rosland and his • 

Sir S HS«Id a Wtis^was Prime * u f“ ssore ' ^llCCPY CJ^ol^pC 

Minister only two and a half TTiere is no suggestion of real IUUAt 

years ago, so everyone will have radicalism in Mr. Healeys «/ 

adjusted within a year’s time to approach. Indeed, he has con- 

Sir Geoffrey Howe Mr. Peter «steotly avoided prcposing 0PINI0NS were divided about the Goodwood Stakes in which 
Shore. Mr. Edmund Dell or who- major structural changes since much Jaazeiro bad in hand Matinale is the subject of favour- 
ever else is mil Downing Street, becoming Chancettor. in March. when defeatlng Persian Bold in able reports- 
It Is naturally far too early to 1974. Apart from capital transfer ^ James's Palace Stakes at A year ago, Ryan Price and 
reach any assessment of toe tax— about which he has been Roya} ^cot last month. stable jockey. Brian Taylor, got 

Healey Chancellorship— the lukewarm— there have been no My be i ief js th at the bead that themselves and many local race- 
longest in living memory. But fundamental changes in the tax separated the two at the win- goers off to an encouraging start 
there is still time before bis structure in the last four years n f n g post could have been on this second afternoon when 
probable departure for him to wb i c h have been remotely com- extended a little, if at all. How- Popular Win justified joint 
resolve part of the enigma about parable to the reforms of the ever, Persian Bold is a good favouritism in the Findon Stakes, 
his views. Barber era. This may not he colt, and he, in turn, finished I see little reason why toe 

Apart from all the controversy regarded as a bad thing — six lengths ahead of Formidable, once-raced Melanesta should not 
over his actions, or inactions, the certainly from the point of view again do toe trick for them. 


ENTERTAINMENT GLIDE 


CC — These theatres accent eemhi qydtt-j 
cards br tefeehone or it the. oc* oOtct. 


central puzzle about Mr. Healey of the Inland Revenue. But this 
is that it is very difficult to say absence of radicalism is not ouly 
what he believes. Almost all his a response to the pressure of 
speeches are about specific circumstances but also an indica- 
Treasury issues, admittedly of a tor of temperament as shown by 
wide-ranging kind, and there is his indifference to the Meade 
almost never any attempt to proposals on tax. 
discuss long-term objectives or 

goals. This is curious given Mr. TT 1( . , 

Healey's undoubted intellectual l-lrt|friQV 13 
stature and it contrasts with the laSM 

flurry of speeches about social Jn ft|s respect Mr _ Healey fa l 


RACING 

BY DOMINIC WIGAN 


A short while ago. this 
daughter of Sea Tune— a half- 
sister to Idiot’s Delight — shaped 
well when chasing home Rather 
Warm at Brighton. 

Stay-at-home racing enthu- 
siasts are particularly well 


GOODWOOD 

1.45 — Melanesta*** 

2.15— Moulin 

2.50 — All at Sea 

3.30 — Jaazeiro* 

4.00— Pi pedr earner 
430 — Amerian 

RED CAR 

2.30— Alber Ran 

3.05 — Humdoleila** 

3.35 — Molyvos 

4.05 — Blood Orange 
DONCASTER 

6.45— Pams Gleam 
7.10 — Junella 
7.40— Laldheer 

which Sea Pigeon will be 


OPERA & BALLET . 

COLISEUM. Credit Cards 01-340 33M. 

RascrvatKJM 01-S36 3181. 

ENGLISH NATIONAL OKRA \ 
1978.79 seasons opens Frl. at 7.00 «4th 
The Maoic Flute, also Aub. 1.3 & 5 
at 7.10: Sat. 7.30 La Hohein*. also AUB. 
2 4 8. 10* balcony wots ■ wit liable 

trooi 10.00 on day Ot perr. IMPORTANT 
NOTICE: Predoction ot CARMEN, post- 
poned due to contractual dJfcirfti** and 
reolaced bv now production ot Mongtirs 


THEATRES 

Hssissn. jgugt **** 18s 

Yveoncwr* - AUt SCOFIELD 
HARRT ANDOTWS 
ELEANOR 

R RON PEACOCK 

and IRENE HANOI in 

A new " p.'av ftr * KONAlO h ABWOOD 
Directed bv CASPER WRCDt. 

-An admirable plav honest, well con. 
ci'eved. properly worked ont. freshly and 
frttingiv written— richly satisfy ln»~-Paiil 
Sconeid at MS best."' 8. LciHp. S. Times. 


THEATRES 


ROYAL COURT. 73 
Pr**»- at 8- OMN I 
World were lore of 
Jackson. 


*S. Ai* Coed. 

«|od at 7 ■<». 

ffsa bv Lpuhi 


mndLca or rar»* nrwyu*.b*v« w* myimiiu p k .r fTtf. g 

THE CONSUL Urst nifltit AuO- 12.; HER 

will be no performance- on Aub. 4. for Preview Tonlflht 

further details rino 01-240 S2SO. ■- Sub- 


ICR MAJESTY'S. CC Q1-930SMR. 
Preview ToMflhl 8.0. Ostns Totnor. 7.0. 
ILbT 8.0. Mats. Wed.. 5M. S.00. 
JAMES CARL JONES as 
PAUL ROBCSON 

A New Play by Philip Hayes Dean. 


SdS 886* MM. ' A New FhiiipH«yes Dt 

Tofrtsht and E FhT^7 L 30? A AnfItaUij',5*L NING-S WOAIO TOtATRE. 252 7488. 
%«» A}®, FoorSciHfmwm Pta«. Wo »• « E T »Sc *y°‘ Ihow 

The FlreWrd^ TJe ^Coni^.^^ . PONT DREAM IT. SEE IT1 

Caballe. Lairtroe^rSlacM LON h oi l?T~*t 

prices for this pevf. reduced to schedule NOW UNTIL AUGUST! 9 

SI— rebat« avail, after oer f. B5 Amohr Mon.. Tto.. TM. M Frt. a 

seats avaH. for all perfs. from 10 am Wed. >0!* JLliLir? 8 

on day of oerf. ,™ E . R°NNIE5 


ROYALTY, Credit Cards 01-401 *004. 
Mrmdav- Thursday Cyear.nBf 800 Friday 
S.30 and 8«5. Saturdays 3.00 and 8 - 00 . 
London critic, vote BILLY' DANIELS is 
BUULING MOWN SUGAR 
Beat Musical ot 1977 
Boafctnoy accepted. Major c redit cards.' 

SAVOY TMATWL " 01-836 Mfla" 

TOM CONTI lo 

WHOM LIFE IS IT ANYWAY? . 
with J a NT' ASM R 

- A. MOMENTOUS PLAY. I URGE YOU 
TO SEE IT." Guardian. 

Evs- at 8.0. Fn. and Sac. S.*3 and BA5. 


I SHAFTESBURY. 


01-838 6388, 


„ nna Fi, a io Ea catered for today for in addition trying to defy another welter glynoebourne festival opera, until 

woo, nonetheless, turns out again tf , TiRfe fimr-nw pnveraee burden. Au ®- 7 - v,lsh ***• London PhiiMrmoaic 

fn^ihp ft Si 2 ^PY StakfcT at^nod* of Goodwood - 1TV will be tele- Mick Easterby’s remarkable s. 3 o. M co'u T ^r^^ttV.‘>^)'r Jf F 3 the *legenda T ry 
• vising the same number ot races eigni->ear-oia is sure 10 mase a Rlkr ., prooiw. pos^bie nmirns onFr. from tz. auau.we 

ws;n in rt,« cortrfio from the east Yorkshire course brave effort but I somehow BM O^e avnd^oyrrM ^ omcc. so New 8ord s 

- Wit . b In. saddle, Qf Redcar . doubt ^ giving a i ma st 2 st to s.m 


NOW UNTIL AUGUST 19 
Mon.. Tue%- Thura. ana Frt. at B. 
Wed. and Sat. at 6.10 and B.SO. 
THE TWO RONNIES 
In a SD-xucalar Comedy Riwue 
Book now on hat line 01-437 2055. 


.ON DON PALLADIUM. Sunday. July 30 I mnncE vri trinStr (ML 

at 3.30 pm. LAST LONDON CONCERT I SOQ P SEATS ta. 00- 51 OO- 

OF THE LEGENDARY FAMOUS. SmU yf. MARTI NS, CC. «3* 1443. Ew»- 8. 80. 


Shafxeuxtry 

CODXPCtX 

" BureMig with enjoyment." D. T«. 
Pro: os Ll la £5L Bcyt WHi L2.SQ linear 
before %now' at Born once. Mon.-Tlmr. 
C.t3. fn. ami bet,. 5. JO and 830. 

STRAND. 01-BSb 2080. B.OO. 

Mot. Tunis. 3.00. ML 5 30 -and 0.30. 
NO 5£X Plum — 

WE'RE BRITISH 
THE WORLD'S GREATEST 
LAUGHTER MAKER 
GOOD SCATS ti.DO-E! .DO. 


from £2. available at CMOPell’s Box ~ Matincea "foe*. 2.45. satiirdava 5 Hid 8. 
Olftc e . 50 New 8oed SI.. W.l. 829 2453 AGATHA CHISTIE S 

,YR1C THEATRE. 01-437 2888. Ew». B.O'. «.r,o- \ nNr?i?«5f» BUN 

Mat. Thur. 3.0. 5at. 5.0 and 8-30. WORLD S LONCSST-BVER RUN 

FILUMENA ■ TEA R. 

with Elisabeth Archer and Trevor GrlSttha TALK OF TUB TOWN, CC. 734 5031. 

by Eduardo de WljDoo 8.00, Dinlno Dtncinn (Ban open 7.1 Si. 


damnrrarv ind cnrialiRm from in 111,5 lea 1 JctL JBUr * w T«,^ n l^rrn tn"crnr+ ° r neacar. doubt his giving almost 2 St tO Cesl will rice at 5.30 sharp; There Is 

demowacy and MCiaii^ fr^ typical of most of toe il S There, by far toe most valu- Humdoleila whose handler, no possibility of adm,tiance for 

riin? lesser ability in present administration. This may Sf I 55K event on the card is the Barry Hills, has his team in -= 

the Cabinet. r ,nninr rpsenn why the the five-year-old Radetzky, who V „I_ RrJu.prioc’ nnlH Tnnlrarrt nprticnlarlv fine fettle ROYAL FESTIVAL HALL. 928 . 3191, 

Mr. Healey’s refusal to join in “ * “*J° r ran so well when a close third Vaux Brewenes Gold Tanltar(I particularly nne feme. V" 1 " t", h % 7 ’2S. ,P V5 *' 

the competition for Anthony ^h^nrellor and toe behind Gunner B and Balmerino — " 1 — 0 senMdaSSr*' 

Crosland's mantle as socialist f in the Eclipse Stakes at Sandown gau™ E and D vaury°>anw • 

thinker of his generation could respect from wide sections of an d w ho will be better suited by T)l owl Inr-mnn dancins at mren- performance. 

be regarded as sensible in view ^ teftwSg a T mi i e ' ... Pl^n tO- lDiprOVe SC16I1C6 ICSSOIIS sadler-s wells theatre. 7^ 

of the banality of some of the to establish what some tettwing Lake City, a convincing win- . ■ r a**., cci. a 37 1672 . July si m a no. 

other contributions. Yet, ministers and toe Labour Party n er of the Coventry Stakes at in T nnffntl =6 ‘ Parcel ’marceau 5 ”’ 2 3d ‘ 

curiously. Mr. Healey almost in toe country might do with the Royal Ascot meeting, misses J-jUUlIUIi with plerre verry 

revels in his absence of ideology, another Parliamentary tei™' tt is the Richmond Stakes in which a TRAINING programme for Its aim is to enable primary 

In a recent U.S. television inter- much more difficult to know wrat the way seems clear for Moulin teachers aimed at improving the teachers to introduce aspects of — - - ■■ ■ 

view, he pointed out that British an administration headed by who finished like a train, two quantity, and quality of science science into their teaching in THEATRES 

politics had always appeared either Mr. Callaghan or Mr. lengths behind toe Price juvenile education in primary schools is conjunction with other subjects Vn 83 !- 7 ®- 1 !- 

deficient to outside observers Healey actually wants to do, on that occasion. Since then, being prepared by the Inner in the primary curriculum, such ' 1 ren e M rene*" irene 
since it had few theorists. After, apart from continuing to manage Moutin has run Main Reef to a London Education Authority's as mathematics and environ- T^ s B S s q 77 M iiS C i A q L 7 B! 

contentiouslv. , asserting that the country. It is ironic that the short head in the July Stakes primary and science inspectors, mental studies, and in project irene ' irene irene 
theorists flourished in left-wing Conservatives are now the party a t Newmarket wbeTe he looked The initiative is a response to work. . londoxt^best^night out.- 

movements at their birth but in with a clear vision. Perhaps Mr. all over the winner until toe t he concern expressed nationally A programme of science credit card bookings ass Ysm 

right-wing movements at their Healey could spend some of his favourite rallied close to home, about the standard of science courses for primary teachers will albert, bss sura, creou urn taka* 

death, he argued that socialist holiday composing a speech All at Sea would have to re- education in the country's be instituted followed by con- «^ n 1S £]^ 3 •' wJ t , a ’^S t , a, ?rt ,,a 74 ^‘^ 

theory could only set a sense of setting out his longer-term views produce onlv the form shown primary schools.' The autodrity’s tinuing advice from a team in- fhur*. and sat. 4.30 afid a. 00 . 
direction. ‘ and commitments; it might when close-up fifth behind Tug scheme will be designed to eluding inspectors, staff of A ™ 0lJS lionel m bar't-s lcome ,s 

But it is questionable whether appeal to him just to prove his of War in the Joe Coral North- involve all its 845 primary science teachers’ centres and ^nAeumiK^iXSAi « « 

Mr Healev even points a way critics wrong. umberland Plate to go close for schools over a period of six years, college of education lecturers. with iov huoo KS 1 joan turner! 


rSTwH? 1 rSl 1 at SM ^ LYRIC THEATRE, 01-437 3888. 1*1. SO. 

no possibllln* ot admittaac*’ for lata- Mat - 3 ‘ f'ilumVn 'a 5-0 6,30 ' 

comcr> ' with Etiaftath Archer ana Twor Grtmtm 

•"•TAl FESTIIOLL HALL. 9Z8 - 3191. Dir(?ct«l by FRANCO ZEFFIRELLI ft jo lyoif ttmM ' 

Until Aon 3. Ere*. 7.30 i Frl. at 7t Son. ■■ TOTAL TRIUMPH.**, tv. NOWS. RAZZLE OAzS.« 

3 and 7.30 <no pert. Sat.i. The -an event to TREASURE,*' D. Mirror. et jtbm 

r-r* ,.u *■ MAY IT FILL THE LY^IC FOR A t OS REALCS ML FMACUAY 

BATSHEVA DANCE CO. with HUNDRED YEARS ■’ Sunday Time*. L Y*-'! t AW ** "- 

GALINA AND VALERY PANOV ■ Tf .. L22S— THEATRE UPSTAIRS, V30 2554. 

dancing at eron» perfortnattce. MAYFAIR. 629 1038^ ^Ero. 8. Sot. 5.30 Even I nos ?,30_ p« 

SADLER'S WELLS THEATRE. Rosebery WELSH NATIONAL THEATRE ' CO. 

Aro.. EC1 . 837 1 672. July 31 to A up. 

26. EWS. 7 JO. Mats. sat. 2.30. UNDER MILK WOOD 

MERMAID. 248 7656. RcSUurarrt 248 
with PIERRE VERRY Z&3S. EvmilnCK 7.3n and 9.15. 


8.00. Dinlno Dancing (Bars open 
9.30 Super Revue 


and B.SO, Wed. Mat. at 3.0. 
WELSH NATIONAL THEATRE CO, 
DYLAN THOMAS'S 
UNDER MILK WOOD 


IRISH EYES ANO ENGLISH TEARS 

. br Nisei Baldwin 


THEATRES 


IRENE IRENE IRENE 
“ LONDON'S BEST NIGHT OUT," 
Sunday People . 

CREDIT CARD BOOKINGS 838-^671. 


cur. O.JD jo. a. crcaii 
i 1971-3 Irom 8.30 am. 
n- Tues.. Wed. and frf, 

Thura. and Sat. 4.38 ai _ 

' ^^ANOTIM^S WELCOME IS 

OLIVER! 


MERMAID. 248 7656. RcSUurarrt 248 ffflv ViS'oino 
283S. Cronlnps 7.30 and 9.15. 

EVERY GOOD BOV -■ A MU RDER I 

DESERVES FAVOUR 

A nljy for oclora and otchnlra by TOM SSjfSST 
STOPPARO and ANDRE PREVIN. Sean daanttjUt. Aartht.l 

£4 £3 and £2. " NO ONE WHO LOVES *•” f, 1 ** 1 “S** 1 

THE ENGLISH LANGUAGE AND THE 1 iHlY Inflwiiouj 

HIGHEST COMIC ART Can POSSIBLY FeH« Barker, 

MISS THIS PLAV S. Time*. AIR CONDITI C 

MERMAID. 01-248 7656. iRrst. 248 VICTORIA FAUCL 
2835V LUNCHTIMES Thl* weelrll OSnm- Bo«* 

1 55 pmi. MY SHAKESPEARE STRATFO 

ALEC McCOWEN SHEILA I 

3.30 Sir Bernard Miles UliHtrated - ■ _ , n ^N 

Lacrure Eliubeih.tn London and its Eronlng* 7.30. Mac 

Theatre*." Price SOn tor each event. - warehouse, conn 


VAUDEVILLE. B36 9988. CC. Eva. 8.00. 
Mat. Tues. 2.45 Sat. 5 and B. 
Dinah SHERIDAN. Dulcle GRAY 
A MURDER IS ANNOUNCED 
The newest whodunit by Agatha dirutla. 

•" Re-rnler Agatha with anotner who- 
dunnit nit Agatha Christie is Uaiking the 
Wni End yet again with another of her 
ftcndiDily Ingenious murder ' mysteries," 
Fell* Barker. Evening News. . 
AIR CONDITIONED THEATRE. 


Book now. 828 . 4735-6. 834 1317. 
STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Evenings 7.30. Mats. Wed. and Sat, 2.4J. 


OLIVER' 

' MIRACULOUS MUSICAL." Fin. Times, 
with ROY HUDO ana JOAN TURNER. 
" CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." Dlv. Mirror 


n. Party Rates. NATIONAL THEATRE: ' 928 2252. 

frt 7.45. pm. OLIVIER •oocn stage)- Tcm't. 7.30. Tomor. 
and a. 00- ■ : *S & 7.30 MACBETH. 

WELCOME IS LYTTELTON (proscenium stage) Ton'*, 
TS . 7.45 PLENTY a new play by David Haro. 

. _ T om or. 7 .45 Pt under. 

■•’•.F 1 n-Ji 71 .es. CQTT5SLOE Ismail auditorium)- Ton*t A 
PANTURNER Tomor. B AMERICAN BUFFALO b* 
LUCKY TO BE David Mamet. 



t Indicates programmes in 
black and white 

BBC 1 

6.40 am Open University {Ultra 
High Frequency only). 9.55 
Magic Roundabout. 10.00 Jack- 
anory. 10.15 Pink Panther 
I cartoon). 1 1 0.35 Belle and 
Sebastian. 1.15 pm News. 130 
Fingerbobs. 2.00 Glorious Good- 
wood. 4.18 Regional News for 
England (except London). 4.20 
Play School. 4.45 Boss Cat (car- 
toon). 5.10 Neusround Weekly. 
5 J5 The Wombles. 

5.40 News 


6.20 Nationwide Back Mrs. Noah. 11.55 News and 

6.55 The Wednesday Film: Weather for Wales. 

. ‘ Gorgo ’ starring Bill . Scotland — 5.55 pm Reporting 
Travers Scotland. 11J5 News and 

8.10 Z Cars Weather for Scotland. 

9.00 News - Northern Ireland — 1-18 pm 

9.25 The Risk Business: Northern Ireland News. 5.55 
Britain's flagging phone Scene Around Six. 11.55 News 
industry and Weather for Northern Ireland. 

0.05 Come Dancing * England — 555 pm Look East 


ALDWYCH. 836 64D4. Info. 838 S332. 2033. Ci 

Fully air conditioned. ROYAL SHAKE- OL n" ' vic ' 
SPEARE COMPANY In repertoire. Tonlgi't OLD 
and Tomor. 7.30. Rea. price previews r 

premiere Steve Gooch's THE WOMEN- 
PIRATXS ANN BONNEY AND MARY » A _ M 
READ. With: Strindberg's THE DANCE An 
OF DEATH ' nor perl. 3 Aug.) RSC ...... . 


9.00 The Secret Life Of ; Edward Headlines. IJO Siara oo Ice. 2J» House- OF DEATH inexr perf. 3 Aug.) RSC 
. JTmpe parry. W5 Tile Gene Machines i20 also ■* ™E WAREHOUSE (see under Wi 

10.00 News ?*»* P««” K Nfcl!olt' T,, pRIVATB a ”oN .. £ 

10.30 Best Sellers - * -- ^ ales. 6 J 0 Faihor Dear FaiHer. parade. ^ 

12.15 am Close: Xanthi Gardner - Cymru/WalK— HTV General ALMOST FREE. abs. 6224 . Lunchtimes OPEN 
reads from * The Proohet ' •?"*» ^i 25 F™ P«wwdau -one m» - by nob wiison. TuV.Sj” a 

her Kohlll Rihvnn P e NewyddWn Djdd. «0 Y CL Y Gaih. AT 1J5 pm Suns. 3.0 and S.O pm. No To<U 

oy lLanui laioran Teledu. 4JW.es Un Tro A0W45 y DfiW. * haws on Moncijy - only 


OF DEATH inexr pert. 3 Aug.) RSC 
also at THE WAREHOUSE (see under Wi 
and at . tne Piccadilly Theatre In last 2 
weeks Peter Nichols' PRIVATES ON 
PARADE. 


■hows on Monday. 


Many excellent cheap seats all 3 theatres 
day of oerf. Car park. Restaurant 92 S 
2033. Credit card bugs. 92 B 30S2 

ILD VIC: 928 7616. 

PROSPECT AT THE OLD VIC 
Ju.re — Snot, season 
TWELFTH NIGHT 

“ An outstand'ng revival." The Times. 
Today. Thura.. 7.30. 

Eileen AiHn*. Brenda Bruce. Michael 
Denison Derek Jacobi In 
THE LADY'S NOT FOR BURNING 
" Fresh and buovant " Dolly Telegraph. 
Frl. 7 30. Sat 2.30 and 7.30. 


industry 

10.05 Come Dancing 


10.45 Omnibus — Henry Moore: (Norwich): Look North (Leeds, 
The language of Sculpture Manchester, Newcastle) : Midlands 
11-15 The Sky at Night Today (BLrmihgham): Points West 


IB A Regions as London So “° ,D - ,JMU0 SMe Amac ‘ almost free, ass $22*. Evenings Kurt 

at -the following times: — gy james 

MTV West— As HTV General Service Tues.-Sat. B.QO pm. No shows 


ANGLIA 

10.20 am Pynuraun. 'he Dos Wonder. 


Tnrf., in;— Dnmic ur«t " lymniiw. me uos won air. 

Today i Birmingnam). Points west 10 , 00 - star Maidi , m. 11.05 how 11 in 

11^5 Weather Regional News (Bristol): South Today (South- Rogue’s Rock’ 1J5 pm ’Anglia News, uo 

All Regions as BBC-1 except at ampton); Spotlight South West Those wooderfni tv Timos. zoo Housc- 

he following times: — (Plymouth). pm. 505 Mr. and Mrs. 6ao About 


55 The Wombles. the foilovi ing times: — 

5.40 Neu’s Wales — 5.10 pm Pen Draw'r Byd. 

5.55 Nationwide (London and 5.55 Wales Today. 6.55 Heddiw. 


except ■ L 20-1. 30 pm Report West Head- 
lines. US 8 J 0 Report W\-st. 

SCOTTrSH 



U71- FALACE. CC. 01-437 6834. YOUNG VIC. 

Mjnnces Tues. Z d5. Mon. -Thin. 8.0 FH- and S a;. 5 and fi.40 B*?n Jsnsdn's 

tWJL amuais. JCWfi CHRIST SUPERSTAR £w 7 45. Iw 

i ti n iTu ONr ANHOLT bv Tim Rke and Andrew L I ovd- Webber. rsproarinB oro< 


iniKK.- wwramiu in n mcs. House- in*) m ri UP r \uh in X Tt».. 

Cl. 12J5 M m T& Ocraslon. b<HK ■•»* '“-» Ro ^ c ' s 


Soulh-E.isl only) 


7.15 Pawb Yn Ei Fro. 7.40 Come 


BBC 2 


F.T. CROSSWORD PUZZLE No. 3,728 


6.40 am Open University ATV 

10.33 Gharbar • 9JS am SoMuthiiut Different. 9J0 

11.00 Play School (as BBC-1 4.20 S’ 2 ” A ”g2Z*2* a *i 

10-45 BanaceK. 11-55 Tin? Adventures of 
' T-_, Paisley. 1-30 pm ATV ^JewaleKt. UO 



pm) 

21.25 Open University 
4^5 Open University 

7.00 News on 2 Headlines 
7.03 Erica on Embroidery 
7.13 An ABC of Music 
7_10 News on 2 

7.40 Rhythm on 2 with 
Reed 

8.10 Brass Tacks 

9.00 Call My Bluff 
9410 Globe Theatre 

11.15 Late News on 2 

11.25 Closedown, Reading 
BBC-2 Wales only — 1.45 


Rock. U5 pm New a and Road Report. Uo 
Lifestyle. ZOO Women Only. 5J5 Cartoon. 
5.20 Crossroads. 6.00 Scotland Today. 6.38 
Rerectlons on Sport. 12.15 am Late Call. 

SOUTHERN 

1020 am LIuJu House on the Prairie. 


Code R. 5J5 Happy Days. 480 ATV 1L05 How. 1U0 Rosno’s Rock. UO pm 
Today. Southern Xcws. L30 Sura on Icc. 2JH 


AMBASSADORS. C.C. 01-836 1171. 
Nfgntlv ai 8.00. MaHnees Tu«. 2 as. 

Saturdays at S and 8. 

PATRICK C AUG ILL and TONY ANHOLT 
_ In sleuth 
T he World Famous Thriller 
„ by ANTHONY SHAFFER 
•■Seeing the ploy again is in lact an 
ottor and rolal loy." Punch. Seat prices 
62.00 lo £4.40. Dinner and Top-pr,ce 
seat £7.50, 

APOLLO. 01-437 2663. Evenings 8.00. 
Mats. Thurs. 3.M. Sat. 5-00 and 8.00. 
DONALD SINDEN 

"Actor of the rear.” Evening. Standard 
" IS SUPERB." N.o.W. 

SHUT YOUR EYES ANO 
THINK OF ENGLAND 
" Wickedly funny." Times. 


WAREHOUSE. Dormer Theatre. COvent 
Garden. 836 6803. Royal Shakespeare 
Company, Tonight aim Tomor 0.00 now 
production Pete Atkin'S AAR. All 
seats £1.89. Adv. bkgi. Aldwvcn. 
Student UOndbv £1. 

WHITEHALL. 01-930 6692-7765. 

Evgs. b.so. Frt im sat. 6.43 and a.oo. 
Paul Raymond presents thp SertsattoMil 
Sex Rente of the Century 
DEEP THROAT 

6th GREAT MOHTH_ 

WINDMILL THEATRE. CC. 01-437 "6312^ 
Twice Nighily d.00 and 10.00. 
Sundays 6.00 and a .DO. 

PAUL RAYMOND present! 

_ _ RIP OFF 

The EROTIC EXPERIENCE OF THE 
MODERN ERA 

"Takes to unprecedented limits what is 
permissible on our stage." EV. News. 

3rd GREAT YEAR. 

WYNOHAM'S 01-836 3028. Credit Card 
Bkns- 036 1071-3 rrom 8.30 * 1 * 1 . Mon.- 
Thur. 0.00. Fr and Sat. S. IS and 0.30. 
■* ENORMOUSLY RICH. 

VERY FUNNY." Evening News. 

Mary O'M-lley's smash-hi! comedy 
ONCE A CATHOLIC 
" Supreme comedy,, cn it- and reUg^n.** 
Dally Telegraph. 

MAKES YOU SHAKE WITH 
LAUGHTER. ■* Guardian. 


'OUNG VIC. 920 6363. 

Ben Japan's BARTHOLOMEW FAIR. 
Eros 7 *5. Musi end this wee* ” A 
Tkproanng production.” Sunday Times. 


PHOENIX. 01-836 2294. Evenings 8.16. 

Friday and Saturday 6.00 and 8.401 
" TIM BROOKE TAYLOR. GRAEME 
GARDEN make US laugh." D Mall, in CINEMAS 

The ABC i * 2 SHAFWURY ' AVI, «s 


Houscparty. 5J5 Sinbad Junior. SJO Cron- 1 ARTS theatre. 


idery BOR DFR roadt. 6.oa Day by Day. including SotiLb- 

!C 1020 am T^MRaK 1 fa Seacb ol ^ ^ “ m *”*"* N ' ew ’ EurJ ' 

. . . Ancient Aviators. 1105 How. 1L» TVrviIT TCCC 

With Herb R °K ue 's Ro«k. tl.20 pm Border Nen-s. lliit 1LC3 

L30 Sura on lev. 2.00 1 1 oo8<?party. 5J5 9-25 am TTie Good Word, followed by 
The Rolf Harris Show. 6.00 Lookarouod Nortb East News Headlines. ID. 20 Under 


01-836 2132. 


TOM STOPPARD'S 
DIRTY LINEN 

Hilarious . . see it” Sunday Times. 

Monday to Thursday 8.30. Friday and 
Saturdays at 7.00 and 9.1 S. 


TYNE TEES Saturdays at 7.00 and 9.15. 

9.25 am The Good Word, followed by ASTORIA .THEATRE. CX. ‘Charing Cross 
Drib East Nows Headlines 1IL20 Under S.'_: 7S 5 . M 2 n :-J h ‘ ir >- 8»m Fn. 


Wednesday. 112-15 am Nows Summary. 


CH4Nl\rr and Lookanmnd 5.1S Happy Day 

1J8 pm News and NMtI1Crn ““ “ EtU ^ tue - 

Wbaf* on Wborc. 6J» Channel News. 6-15 - T1X 

pm The Beatles. ID 28 Channel Laie News. ULMhK 


Afternoon Out at the Royal Welsh U-K Tbv Advomure World or Sir Edmund _ 

Show. Hllarr 12.80 am News and WeaUicr In Secret Lives of Waldo ratty.' 1L05 How. c , “ F ~ ~ — 

t tench followed by Epliusue. 11J0 Rogue's Rook. L20 pm LuncbUme. ^-aav sLJjrif?, USS'Ai 

1 rvvmniv UO Sura on Icu. ZOO SurvivaL 4J8 8 ' 00 ' E 30 5,45 intf 

LUll UUll rD , -» *-T» ,,XT LHsier Neu-s Headlines. Si5 Tbe Part- _ IPI tomhi 

4 Til om X pi a „o trt ri,._ o r- UKAMnAIN nera. 6J» Ulster Television News. 6.85 — tort lno B'adt African. Musical. 

r .-7 ,«•*» rfl-Vl in^n Ik u’' 2 ? am Flral M-2B Conauest of Crossroads. 630 Reports. 6.85 WHbespoon Packedw.rhronaty. inly. M'rror. 

Catch it. 10^0 Oscar. KLoD The m» Sea. lLCB How. U30 Rosue's Castie. 1D30 Old House. New Home. llLSS Tbe T H I rd°great ve/uj 0 ' 

Funtstones. 10^0 Nature of lJ0 pm Grampian News Headlines. 6.00 Practise. 1130 Bedtime. Dinner and ton-prke seat E8.7S lot. 

Things. 11.43 Beany and Cecil Cramman Today. 6J8Poiiee Newsroom. on Chester 0243 B 131 T 

Cartoons. 12.00 Clopna Castle rirJ Show, izis WESTWARTi Tomont. juiv 2 B. 29 k at 700 . July 27 

12.10 pm Rainbow. 1220 Souds of HeudiiS^ ° fJiIlp,JD ^ N,Rj11 U.20 am ThTpiarb^bJ-ra 10.40 Dm LOOK AFTCT LULU 

Britain. liM) News plus FT index. ® f Town. 1L05 How. u.38 Rosue's Rock. J u, » w » 7 -oo. July 29 « 2 . 00 . 

120 Help! UO Young Ramsey. GRANAn\ I 2 .n pm tins Honijbun's B'rtiufeys. L 20 ^g-^P^N PAPERS 

2 R-irincr from Rpdnsir A9lt' m-m Westward News Headlines. 535 CambiL cOMeov. 01-930 2578. 

D«itL r ' 'TJril 0 al ? Sesame Siret-t. UJO Stdo One. LOO Westward DUtt. 10.28 Westward Red. Price Provs. Aug. 1 and : at 8 00 . 

Jiicnael benline s Potty Time. U.45 Kathy’s uuix. L20 pm This is Your Late News. 12.15 am The Ad vennrrc World Opens Aug. 3 at 7 . 00 . Subs. Mon -Frl. 

4.43 Search and Rescue. 5.15 RjstU- 540 What's New. SJS Crossroads, of Sir Edmund Hillary. 1T40 FaLth for 8 00 ' Sat r [ >w2 R 8 5 d v 5^?nwiRD hur ' 3 00 

6.00 Thames at 6 yj T ir YORKSHIRE wth pIter Y wooowaw: and 

6.35 Crossroads n 1 Y no 3D am "Llcht up the Sky." starring A cocking New Play by 

7.00 Don’t Ask Me . J 0-20 am 71,0 L ® H Isl 4Wl»- 1“ Carmldiael. Tommy Steele and Bunny Rosemary Anne Simon. 

1 7-0 Coronarinn Ctroot Adronturu World of Sir Edmund Hillary. HUl. 1L0S Cariotm Time. L20 pm Calendar criterion, mo 3216. CC. 83S 1071 . 3 . 

Ron U - 05 Kow ' H«lt. 1-20 pm News. 6.00 Calendar ifimlcy Moor and E ’ B4 N ct W ^ 5- ^O.S.JO.ThuraSo 0 . 

».00 London Night Out Report West Headlines. 1J5 Report Wales Belmont editions/. NOW 'tUl 7 ,! VEAR ' 


ULSTER I 

lOJO am The Lost Islands. ML45 Thel 


LONDON 

9450 am A Place to Live. 


ACROSS 

1 Opening pair in Scotland on a 
walk mix up phone call (S) 

5 Obsession caught by madman 
( 6 ) 


6 Reached it and ate something 
different (S> 

7 Laziness during battle (S) 

8 Sorry to find study common- 
place (8) 


4.45 Search and Rescue. 
Gambit 
5.45 News 

6.00 Thames at 6 
6.35 Crossroads 

7.00 Don’t Ask Me 

74)0 Coronation Street 

8.00 London Night Out 


to Tabi; Yob MD« Go ri£bs £3i BW& «° 3nd 8 ' 45 ' fButf « 

Rokuc's Rock. UO pm Nonb East News Elvis 

and Look Ground 5.X5 Happy Days. 6.88 Infectious, appealing, foot stompirq anrJ 

Nortbcrn Life. lilS am EreiOBue. ^S^RTiT-nSur SSST^Bh - ^ 

’ ulster SVS&. 25 ?- Mon - Thurs - and 

Jr I* 3 1 r*' J _ ■ BEST MUSICAL OF THE YEAR 

10 JO am The Lost IsJapds. 10-45 The evening STANDARD award. 

Secret Lives of Waldo rarty.' 1L05 How. 1 

Sfr.t atja 

LHsier News Headlines. Si5 Tbe Part- IPI tombi 

ners. too Ulster Television News. 6.85 — facrt lno African. Musical. 

Crossroads. 6JD Reports. 6.45 WKhespoon oaTis to" Tor - 

1DJ0 Old House. New Home. KLS5 Tbe third great ycajj 0 ’ 

Practise. 1L2B Bedtime. Dinner and top-prkp seat LB.7S lot . 

. CHICHESTER 0243 B1312 

WESTWARD Tomont. July 28.^ E^n 7J>0. July 27 

18.20 am The- Beachcombers. 10.40 Oul LOOK AFTER LULU 

Of Town. IL05 How. 1LJ8 Revue's Rock. July 27 at 7.00. July 29 at 2.00. 

12.27 pm Gus HOBL-tbun's Birthdays. 1.20 THE ASPERN PAPERS 

Westward Newt Headlines. 5.15 GarabiL comedy. 01-930 2S7S. 

6J)0 Wesrt>-ard Dlarr. 10.28 Westward Red. Price Prevs. Aug. 1 and 2 at 8 00 . 
Late News. 12.15 am The Adventure World * U B: 3 at 7.00. Subs Mon -Frl. 

of Sir Edmund HlUarr. 12J0 Faith for 8 00 ' “eward wwdward 
tafe- « BARBARA JEFFORD Iri 

THE DARK HORSE 

VnOVCUTDC w, * h STACY DORN ING and 

I UKKailIKt PETER WOODWARD 

+10 -2D am "Lieht up the Sky." starring A cracking New Play by 

Ian rfirmlriiapl Tnramr Sionl.i r..prv Roseniary Anno SiMDft. 


"LAUGH WHY I THOUGHT I WOULD 
WAV E D * EO . * - Sunday Times. "SHEER 
DELIGHT." Ev. Stand. "GLORIOUS 
CONTINUOUS LAUGHTER," Times. 

PICCADILLY. 437 4506. Credit card bfcgs. 
„ 836 1971-3. 8.30 am-B.3o pm. 

Ergs- 7 30. Sat. ajo A a Wed. mat. 3 . 
LAST TWO WEEKS 
Roval Shakesncare Company In 
THE OUTRAGEOUS ADULT COMEDY 
by Peter Nlcholt 
PRIVATES ON PARADE 
_ BEST COMEDY OF THE YEAR 
E». Std. Award and SWET Award. 
PRINCE EDWARD. CC (formerly Caslnoi 
9 , ‘ 43 2_®^ 7 - Perfcimances Thl* Week. 
Evg*. 8.0. Mat. Thur 3.0. Sat. 5.0. S.-tp 
NOTE CHANGE OF SAT. PERFS 
From AUGUST 5 . Sats 3.00 and 8.40 
and from SEPT. ? SMs. 3\00 and 8.00 
EYITA 

by Tim Rice and Andrew Lloyd Webber. 
PRINCE OF WALES. CC. 01-930 5557. 
Evenings 8.0. Saturday* 5.30 and 8.45 
THE HILARIOUS 
BROADWAY COMEDY MUSICAL 
I LOVE MV WIFE 
Starring ROBIN ASK WITH 
Directed bv GENE SAKS 
CREDIT CARD BOOKINGS 930 084S. 


8861. Sep. Pert*. ALL SEATS BKBLE. 
1 s 2001s A SPACE ODYSSEY ttfi. 70mm 
film. Wk. A Sun. 2-25. 7 55 
2s SATURDAY NIGHT. FEVER {XL Wk. 
A Sim-: 2,00 S 15. 8.1S IU« davi. 
CAMDEN PLAZA loop. Camden Town 
Tube). 485 2443. Tavlani's ALLON- 
SANFAN t AAl. IBv the (Hrector o» 
PADRE PADRONE I 4.45. 6.S0. 9 00 
CLASSIC I 2. 3. 4. Oxford Street 'arm. 
Tottenham Court Rd. Tube 1 : 636 0310. 
U and A prog*. Children hatf-orice. 
t. Walt Disney’s HERBIE GOES TO 
MONTE CARLO. iU'. Progs. 1.30 3 40. 

5.S5. 8.05. 

2. Doug McClure WARLORDS OF 
ATLANTIS rAl. Prog*. 1.10. 3.30 5 55. 

820 „ 

3. Final day 1 Bruce Lee GAME OF 
DEATH DCl. Progs. 2.00, 4.15, 6.30. 

4. Final dav! LEBANON . . . WHYT 

• A*. Arabic Dialogue. English sub-tltlM- 
PrOgs. 1.05, 2.50, 5.30. B.10. __ 

CURZON. Curaon Street. W.l. 499 37 S7. 
rfullv Air-Conditioned^ DERSU UZALA 
(111 in TO mm (EngUsh sub-tltleal. A 
him bv AKIRA KUROSAWA. '"MASTER- 
PIECE." Times, -master WORK." Ob- 
server. ''MASTERPIECE." Ev. News. 
Film » 2.0. S.4S and 8.20. 


QUEEN'S THEATRE. CC. 734 1166.1 

Eros. 8.00. Wed. 3 00. Sat. 5.0 and 8.30. LEICESTER SQUARE THEATRE (930 5252) 


ANTHONY OUAYLE Richard Burton. Roger Moore, Richard 

FAITH BROOK. MICHAEL ALDRIDGE Uittfi- Kruger in THE WILD 

and AAfHEL KEMP$ON- GEESE l A A). Sen. prOVT.. Win. f. 00, 

In ALAN BENNFTT'S i-SO. 6.10. Laie shonri Weds.. Thera . 

THE OLD COUNTRY Fris. nnd Sate 1 1 45 pm Seats may be 

BEST PLAY OF THE YEAR- booked In advance tor 8.10 prog. 

Pta ^^ p lr c ^.feS55S OP-BOW. Lrteewpr s^i^. i3J0”snTT 


RADIO 1 247m QlUhWt. MTt l fS). JOJD loierval Reafl- 7J» News. 7.05 Tbe Arehers. 7 JB 

ret ci—,,1^1, ■ ‘5*- t 0 - 28 Vienna Wind Quintet, part 2. Trumpet Voluntary : Humphrey Lyttelton 

‘ ’imS wL ™l c “‘ V- 55 M “£ f “ r °? an ,s '- U-3S BBC talks about bis 30 yeans an a band 

5.60 an te RTdin * . * CTt,ls “ 5 y i? p ?, 0 ? v Oncto»M iS». i.M pm leader isi. a.oa KHr Hardie fdraraaUscd 

teOO am As MIQJ._T« Dave Lee Nirws. UB Brlstnl Lum-Julmc Concert, feature) ISi. 4. DO Science Now. bJO 


(S) ^ aCe 

12 Unsightly remains of a lot of 19 9°^? ^ or . . 

little beasts (6) 20 Strode in water caused by 

14 Come out of aerial dive to mad bear over the way (6) 


nimA , Tenn J a - 45 ’ I ? L ‘ Arts WoHriwidc. 9-S5 Proms '78. 206m and 94J9 VHF 

RADIO 2 I^OOro and VHF pan .2- Sibelius *5... 9J5 Sctcntlfkally MO m As Radio 6 J 0 R u ,b Hour. 

son lN , ws Suremarv 5(C . Speaking: 1ILB The Sh«>heo Dor's Mirror 94» London Ure. 12J3 pm Cal) Tn 2.03 

.vwSi a “Jth Tbf Si- v. Ne 'f- Tonight's 206 Showcase. 4.03 Home Run. JJ» 

situ PruVfnr E T^J?r ?“& ‘ S) . SOWldlK Brass ! SCnkes Again. 7 JO Black 


No. 10 in apartment block 21 to this Place Surrey breeds mS& L^Z2S£ M ” 

abroad (7, 3) unorthodoxy (6) and pau* ^for ThowghiT^Sz jSuS ™ M 


NOW IN ITS SECOND YEAR. 
LESLIE PHILLIPS 
■n SIX OF ONE 

A HALF A OOZEN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR. ' 

•' VERY FUNNY." Sun. Tel. 

DRURY LANE. 01-836 61 OS !" Mon to 
Sat. 8.00. Matlne* Wed. and Sat. 3.0Q. 
.. . A CHORUS LINE 

A rare, devastating, lorovs astonishing 

Stunner.'* S. Times. 3rd GREAT YEAR . 

DUCHESS. B36 8243. Mon. to Thura. 
Evenings O.OO. Frl. Sat. 6.15 and 9.00. 
_ OH! CALCUTTA! 

“he nudity Is stunning.” Dally T«l 
9th Sensational Yoar. 

DUKE OF YORK'S. 01-836 5122. 

Eveninos 8.00. Mat. Wed.. Sar. 3.00. 
Limited Season. Must end August 26 
JOHN GIELGUD 
In Julia’ Mitchell's 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
'• Brilliantly wirtv . . . no. one should 
miss it." Harold Hobson (Orprnq) Instant 
credit card- reservations. Dinner and 
Top nr'-cc seats E7.0O. 


DlrerSad by CLIFFORD WIL« IAMS 
LAST 2 WEEKS. ENDS AUG S. 

SI'S. CC. 01-734 HFfi. Prevs. 

from Aimiu 16. Onciw Auniict 23 . 
ROY DOTRICE. JAMFC vtllIERS 

and RICHA»n VERNON 
With 

GEORGE CHAKl«IS as DRACULA 
In 

THE PASSION OF DRACULA 
RAYMOND REVUE BAR. CC. O’’l-7'M 1S93 
At 7 Pm 9 pm. 11 nm. One'! Suns. 
PAUL RAYMOND Dresners 
TNE FFSTIVAL Or foeiTjc* 

Full v alr-reertliioncn. 

21st SENSATIONAL VEAP 

RECENT. CC. (Oxto. Clrc. Tnhe.1 Ot-GIT 
“"K3-3. Fvia. 8 30 pm. THUR. & SAT . 
7 and 0 00. Prevs. from 3rd Aug. Bbx 
Office onen. 

" PURE 4f'S HOllYWODn*' 

THE itOFAT AMERICAN 
BACKSTAGE MUSICAL 
AN EPIC FOR SIX PERFr>"MFR5 
CREDIT CARO BKGS. 01-627 9862-3. 


REVENGE OF THE PINK PANTHER (At 
See. progs. Dly. Doors open, morning 
-how 11.00 am. CNot Sun). 1st Drt>g. 
IAS. 2nd prop. 4.30 Eve. prog. 745. 
Late night Show Mon.-SaL. doors open 
11.15 pm. All seats bkble . wrept 
morning shew and Mon. late night show 
at the Box Office or fay Post. 

OOEON. H.vrmarket. (930 2738-2771.) 
Jana Fonda. Vanessa Rcdorave in * Fled 
• Zninemann him JUUa (AI. Sen. oroas. 
S! y ‘ = - 3 -°- ft!* SMg-». 5 AS, 8.45. Feature 
Dly. 2.45 (not Sun.). 6.00. 9.00. All 

seats bookable at theatre. - 

OOEON. Marble Arch W2. [73 J 2011^2.) 
CLOSE ENCOUNTERS OF THY THIRD 
KINO (AI.. Sod. progs. Dlv. Doan Odp» 
i OS. 4 is. 743. Late show Frt. and Sat. 
Dqoti ootti 11.1 5 am. All stat s MtMo . 
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Financial' Times Wednesday July 26 1978 

Makarova in Hamburg 

by CLEMENT CRISP 

ballet season in Hamburg Makarova there’ is a pretty soJo Klauss m Siegfried. Makarova 
J e with ten days of per- to Cinderella’s waltz from Steep- look the stage in majesty: she 
nances and for the past four rop Beauty, through which the has no peer in the role in West 
« the culminating event has ballerina sails deliciouBly. and or East, and the Odette who 
n the Niiinskv Gala. This is the ballet ends with Mane came to rest by the lake was a 

« ded than em mO b " Tu°S SES.* ** ^ * 5S& ySfere&gw^ 

^us^hoTeumeier-. .Origin^ of ideas would not o^hope; 


11 


Television 


Compliments of the season 


by CHRIS DUNKLEY 


ST 


this version. 


Hamburg Ballet’s director alone' justify . 

I choreographer— has a feel- Neumeier has also given the pro- arr nf hpr 

for ballet's history and its duction an insinuating charm, suspended from the arc of her 

erberations in the work be and the vein of seriousness that arms aa they beat and ^Jirved in 

er *o<iav This vear celebrat- runs through the work makes it sorrow. Unique emotional and 
ihe cLbletfoJ Sf’a tBSy far more lhan a divertissement, physical control of the part; 
-Sfkovsk? clashes in hte mS for all that its torie is light. The movement utterly comnmmca- 
3Sf Neumeier dedicated Hamburg dancers looked a most tree. dancing of genius 
“°ff a ' to CbSkovsky Petipa attractivl company in it: musical. Makarova also appeared In the 
i S lvanov were represent^, enthusiastic, and with an jOmost chief novelty of the evening: 

Lrilly mouS but Sian- tangible sense of dedication to JgJW. a new duet by Neumeier 
uraiiy enougn, uui oauui p k , b igh «j m e they the the first movement of 
ne too. i and Cranko. ajd their . Chaikovsky's Suite No. 3. in 

imeier himself. Sundays n^Nijinsky Gala on Sunday which she was partnered by 


EK.™ P 5SSA‘JK: SSTm,SiTSS mmut. 

SS^n'fcSSK ’featuring H^JSSSSTMiBE! SS - T " CTUy ^ 




TVSSTn S'wada'Vs" the ultimate Balandunian unhappy, recalting past love and 
• jt _ at orlSS! Scenario fs sharpness was made up with P?st distress, her dancing com- 

? indictable ^5K a little verve - There followe,i the fi ret bining sharp accents and vivid 

.>i l0 , U5 ' in ? a ” ..irS.hrt!. pair of guests from Pans: dynamics with complex and 

. ' h mouds ^rchaSsky’I srare Florence Clerc and Ciarles Jude beautiful lift, in „hich Biss.ll 

:; -.,.-:erteg down a dark side-street, 

.. “S. .invites the attentions 
''siourable rescuers as well 
muggers. Neumeier’s inten 

ns are chivalrous; they are ^ 

- o clever, in that he has f . F 

ad ed to make this fi n al V , ■’<* ??y. -4396 * 
aikovsky score serve as a com- T 

ntary upon the ballet of its ^ 
ie. Thus bis Nutcracker f.' y 
:omes a ballet about ballet as ■ vV-':: SV^Cy * ]*• 

art of the theatre. The Stabl- ' ’ * : ‘ : 

am family still begin the story 
i a party, but it is for young 
xle’s birthday; her elder sister 
uise (Makarova) is a ballerina; 
r brother Fritz is a cadet, and 
ode ihc guests are Gunther. 

■adet leader (who will become 
; embodiment of Marie's nut 
icker toy. and is Louise's 
iu). and Drosselmeyer. He is 
longer tbe traditional 
igician: here he Incomes a 

I let-mas ter who bears an ex- 
” ordinary likeness, in Max 

dinet's clever performance as 

II as in Neumeier’s dramatic 

wSfe MkemaSiv another little in the final duet from Steeptnp shows himself a secure partner. 
Marie, like many another litue 1 Clerc ^ a delightfu | Elegy is a brilliant essay in 

•I. is ballet-mad the gift to » ^ Ue from the Opera, emotionalism. desolate and 
r , . nf 0 J tl! 0, f,lm Sh ?hf delicate in manner and with a neurotic in mood, and Makarova 

Dwftk^ ^eiuence J 0 ha)V ease of style; Jude bound* and Neumeier bring it off 

^-JPSr^leS P ^ ly - an 


The third Edinburgh Interna- ising a knees-up in a brewery; «... . 

.me uiiu wmiuuiei. th-v would be far too busy squab- . 

nonal Television Festival, and ^^0“* ^ definition of f . : v. 

the 30th Prix Italia Television and - brewery " and „ ' 

Festival combine to form a huge particularly “ in." 
midsummer interruption, and *Next the results of tbe first 
since interest will have shifted international Television Festival " 
to the autumn schedules, and organised *n London by the 
quite possibly tbe election, by tbe British . Academy of Film a 
time I return, this column will be Television Axis tBAFTA) the 
my last word on British televi- start of which 

the most prolific, assiduous, and gj£» ***** Fnthjof Zeidler. 
entertain mg water of tbe season c ™‘ e . r ano n . n , , , . Yiv c«u 

by providing the two best drama B ritten and np^ied by S 
series: flumpole oj tfie Bailey vador Da JV * 
ann will .Vhnh^rmvcrr both for a journey into a fantastic 

land in search of a hallucino- 
gen ie mushroom . . . produced 
with the help of the most 
advanced photographic and 
electronic techniques. In the 
macro- and micro-structure of 
diverse materials such as 
metals, crystals, rocks and 
plants, the most bizarre and 
exciting forms and designs be- 
come visible. ...” 

However, when it was entered 


TOr - iTS**." ‘ 



and Will Shakespeare, both for 
ITV. Each featured a fully 
formed, credible, and sympathe- 
tically human character, and 
each was enriched by Mortimer's 
insight into the relevant profes- 
sions which, of course, are his 
own: the law and playwriting. 

Then a word about tbe second 
half of Ken Russell's Clouds of 
Glory (ITVs drama entry for 
the -Prix Italia) which turned 
out to he a long and at times 



The Incredible Hulk-Bill Bixby (left) and Lou Ferrigm* 


awkwardly contrived analogy in for the 2976 Pnx Italia it failed 
which Coleridge, played by David to win an award and succeeded 
Hemmings in one of his best in sending to sleep not only the 
ever performances was seen as present writer but the viewers on 
the Ancient Mariner and his wife either aide of him. At BAFT As 
as the albatross. This was nearer award ceremony the assembly 
than the first part bad been to was assured that no juror was 

the free-ranging impressionism allowed, to vote for his own coun- . ,, hunch 

we have learned to expect from try’s entry; a necessary an- ^ng 0 ff the roof nf his own It ohmic (the besi nr me uum.», 

Russell. nouncement since the German 

Yet his exploitation of so many juror happened lo be none other 

historical “facts" forces one to than Manfred Graier. tiouom wasgims «“ — *»-_■ nniinr 

remark that bis selection was col- The Stiver Mask went to the Made on fi i ra ra ther than tape. Angels and bur .Million Uoiinr 

lectively misleading: the man technically extraordinary of it is shot and edited Man are all nnwrn- adh 




Natalya Makarova 


into a very un-jull> Given cant 
vet a nut her ‘>h:it and 


diving off the root ni ma u«u d Wagner’s fine and splits yet another shut ana 

5°p”“ g-^ .!u« 

his bottom^ waggling in the ^ air. *°°sue «her chick Hio , tiC Wonmw. IVoiidfr iioin.:ii 


iMcrL-dible Hulk all 


lecuveiy uusimuiub- «*». lwi i iiu ju j course u u, snoi •»*>“ : . — j. . r - , K _ nnu . rn . -iriherp tu lhe L»|-.imiiur invcnn'u 

whose mind and intellect won Swedish entry, an episode of wit h consummate style and laced working direct!? . for the ..oyern adhere i u , , nr ai.w whieh 
such regard from Wordsworth World of Science which (pre- * th what ]ooks (to western eyes went., or for the good of all tor w ««»» * f t . a) . ,.f 

and John Stuart Mill and whose su mably using fibre apnea) takes ^yway) like deadpan humour. Americans. 5fSS5£ ...•"neetl be m.litarnd by 

criticism, philosophy and theo- the viewer inside a living but fj gppeal is veiy similar to Even Wonder H'ihriih whn:,c sirentm m .spun di 
logy are widely admired to this unhealthy human body to look ^ at Q f jhe stream "of American mum is Queen of the Amazons. 



— _ ... — Woman — capped 

programme— though engrossing episodes of the BBC's Pennies season by the triumphs 
—served to cloud rather than j rom Heaven and lTV's Hard wonder Woman and The 

clarify. Times— even reached the short- InCTe dible Hulk. 

Now a couple of recommends- lis * nor <ji d the festivals most imnnrtant 


of on it Moreover, she works . for the thrillers or SI- stories Uu. 
fie the traditional mystery voice many of us^ read »» the tram, 
which emanates from behind the and like lh*i.,e thriller> tbi--. 


lot mure 


The important point about all i5 no soon c.r JIopuiar^Than^'l’hc.'r highbrow 


tions for the remainder of this ente rtaiiiiiig programme whidi \ s that they Yet the pattern is no suom-r i».pu.ui ..... 

summer season: if you have not was ente red by Japan’s Asahi Jb« e p JSS the increasing identified than it is altered: the counterparts, 
yet discovered The Kenny Broadcasting Corporation JSi^JTSlchwks characterising latest transfer from Marvel The question is. 

Everett Video Show produced was caned (to the confusion of _ d Eenera i nasU- Comix to the small screen. The the internatinn.il!> 

and directed by David Mallet some BrLtish viewers) The v, 1 0 n lcn ^ e c f as t-lction filmed Incredible Hulk, is a Jekyli-and- British television in. 
on ITV early on Monday even- Arenaers . ?!?? b Hvde character whose super- producing u- own* 


when m til 
.idmiivd 
in.lusirv slari 
quivalenl> 


DroMelmeyeriPetlp, into . ““Tfi,,;?' Nenmlortilu. iSvTh 

. llet £tess. She discovers her- . vers i on of Petipa’s great Mill Scene well danced by Lynne 

Ifio be a dancer, and the snow- version ^01 njgj by Charles and Marianne Kruuse, 

kes are the corps de ballet. ^nerisms. Their Kevin Haigen and Roy Wier^ 

*r aspirations find an ecstatic Ghislaine Thesmar bicki— and the final March and 

ahsation when Louise 1 appears. Michael Denard. senior Apotheosis from Beauty, set by 

stumed after the fashion of a . .. at opera, fared no Neumeier to show off the entire 
•gas danseuse. better in Balanchine’s Chat- ensemble in simple classic 

To the interpolated violin which looked sequences, the gala ended: it was 

Ifacte from The Sleeping ^jjgy were in pnrsuit of its an achievement meriting much 
•auiij there ensues a duet for choreography rather as one runs gratitude. . . 

•mse and Drosselmeyer which f s bu ^ J More appealing was And as a post-script for the 
arts with barre work, and r account of Tatyana’s letter history books. 1 must record that 

■velops into a brief poem in from onepin by one of at a celebratory gathering after 

lid* the relationship hetween Hamburg's own principals, the performance— In which the 
ncer and choreographer, and Colleen gcolt, with Yuri Vamos holiday-bound dancers demon- 
e nobility of the classic dance. from Mun j c h as a powerful s trated something like Sunday 
e celebrated. Dancers are. I 0neE : n with her supple lyric Night Fever — Makarov* and 
metiines think, al their moat colleen Scott is a Tatyana: Neumeier were suddenly m- 

rautifiil in class, because Q f rea j distinction. volved in- an impromptu tango 

t&££firJG£ZffS& ^ F ™ 50is 

isition. becomes tbe incarnation 
the classic dance. The 
quence is delicate, unstressed. 

:quisite. and most , movingly _ _ . ...m R» -and George 


Nottingham Playhouse plans 


anti-life, antediluvian bigot bn- M orien talisation of Steed and westerns 1 1 w 

gade. They are shocked every Mrs Peel; s u e ntly a punt is poled b ” a “JL 1 J “finema Westerns of t . . 

time they switch it on (selflessly up a river to the bankside and 1 b °JT lfip ^ hv oeople such 'CTfrvn rrvllprtinn fflT TrOnhl’id^C 

monitoring it for our benefit, you verandah of a Japanese house in ^pJJJ&JJ’lhich set the trend fcitOIl COllCCLlOn 101 1 IUI i U1 lU^C 

derstand) to see what Everett a Mttmg l00king uke a Hokusai as Peckinpah, which set the irena f . 

Is “official naughty bits with pa j nt ing. A man opens the [or ^ory violence that was ^ EUon Co ,| ection 0 f sc i cn . objects in brass ami cast iron, 

...bbling lumpy bits’ —in other ° eran( iah door and one of those lowed by Arnencan te and technological material glass, earthenware, pun-dam. in 

words the Hot Gossip dancers. If ^ 4he boat sprays a mouthful and subw _ ** J?" ^ Sating lo the Industrial Revolt!- silk, cotton, linen, ivory, papier 
Monty Python did not make you of saki acroSs a cand ) e flame P ro £ji"y s m senes such ** ™ tion^ has been allocated to Telford mache. and mother uf pearl. I he 
la “e h - GoiJiEr 80 il f ^! ls ,ike flamme ra, ° -n W- aro „-H that Development Corporation Tor sense or unity is secured h> the 

called “Bambi Meets Goamna a ts .victim. 


leaves you unsmiling then don’t 
bother. Otherwise do. 


It is a violent scene but at the 


-o 11 « « - - -e revived popularity of comic lt l was accepted by the trade union posters, running 

. . the same time ludicrous because strip heroes am0 *f tS rMfrf Treasury in lieu of estate duty. maps, music fronts 

At the other end of the tele- so ci early far-fetched and im- adults reflects a sir Arthur Elton's collection menus, jigsaw puzzles, 

vision spectrum, it is also worth p,.^^ The same goes for the hood certainties amid the douts tains bookSj 0 iis. water- shows. postcards. mrl 
watching Roger GraeFs new scene j a which a wicked brothel and anxieties of post- ietn , drawin ,i s lithographs, tokens, and working diagni 

SW« .«!« oLafSE HSr H b«mod«d. by.™ of V^JSS^SJ^SZ. Bionic S&, ^moorin s apprentice 


programmes on British Corn- avengers, t and talked into 
muvtism which started last mg''* 
a fjmittpri 1 v the subject mat 


me by Makarova and Midi net Nottingham Fla>iiouse Firauhar? comedy The Beaux' 

Marie's dream continues into reopen after a b nef summer (November lfi). 

,e second act. whsre^lbe closure on September 13, with a There will be an extensive 
agic of the theatre itself takes production of shake- pro^a^me of Sunday shows 

.-er. Drosselmeyer guides the , u»»nrv V This will be featuring Koger Woodward and 

lild (an unrnreed performance speare s Henry V.1 ms wn [£% b S? p Jobes Brass Ensemble 
/ Marianne Kruuse) Ihroitgh joined on Seirtembcr -7by inn ine. rm p Nottinghani MllS ic 

ie orchestra pit as the journey Stoppards ^X unSl October Theatre (October S): a presenta- 
usic for Act 2 begins, up a stay in repertoire until Octooer 1 oeaire^^ Jamaica called „ Corae 

dder and un to the fore-stage. 14. ,„ h __ ,0 + bp Plavhouse Home to Jamaica" (October 15); 

he curtain rises, the stage is On October I 1 ■ oremiere Tbe Warsaw Music Workshop 
it. and the ensuing divertisse- will present tiic world premiere im ^ steelband 

,enls offer some joking refer- ^apl« by Baro Coltins-^ite Great Britain 

aces to Petipa's . ballets. The Strongest Man 10 toe^worto. The yetties (Nov- 

'akarova and Ivan Liska, the which vn Henrv V until ember LZ>: Interim Tbeatire 

unther of the staging and an repertoire with Henry Company (November 19);. .The 

(tractive dancer and sterling November 4. . Bl k and white Boyfriend 

artner. are given the grand Their places will * movember 26): Nexus (Decem- 

as de deux: alas, not Ivanovs John Aram ana " K bfir 10 , There wl \i be Luneb- 

risinut. save Tor the outline of p.A|7 y r P p V 'Home in the West, time Proms on October 20 and 
* ® u=ar Plui » Fair > S S ^' r pre sented^intty 1 with Foco Novo December 22. 


;ht. 

Admittedly the subject matter 
is at times excruciatingly tedious, 
but for' anyone rearing tne 
methodical infiltration of Com- 
munists into key positions m 
society, this study of the British 
Communist Party should at least 
prove that the BCP is not where 
they are going from. 

The people observed . here 
would clearly have trouble organ- 


ic Su„— 

■hich Mane inherits. 


’estival Hall 


Batsheva Dance Company 

CLEMENT CRISP 


by 


The 


_ . _ inn—ttv from death manner quaint but unconvincing; 

. ... Balsheva Dance Company ,n ^bomiStiSi of Jews mas- it lacks even the vicious bite of 
nade their first British appear- -*^ a g m the Germa n army - a good ° f f 0 m- 

tnee in Bath a dozen years ago, in the praise 0 f Goi 

,nd impressed us then as a n M becomes anyone to pass anc« were souna dui 

iCHlthy and interesting Modern comment ^.“J^phytatiored Between these two piece* 
^nce troupe. On Monday, at the Craoko s choreography. was Ga]ina and Valery Panov, guerts 

uncial opening of their London JfiftaSSSt prose when with Bateheva, aPP^d m 

jcasoo. 1 would like to report in 1971. w Mj 0 tt whose Belonfl. This is a pas de deux 
hut the impression was as 5HKt B tr ew ta It neither invites, by Norbert Vesak set to some 
■■ivoiirable but an oddly chosen heels it rrea 0 f any saccharin nonsense by a. pop 

lh Th "'SS S'wnh » wort Aboutthe Cher worh ^ 

sSl'is in s£ > vszx jssna-ta 

. ST Sn! «s al'-toiMVidenl am assnr^ variously th»t a ^ a like sardines, M^and 

is'l'wm"" sat 

aea-.ttr ssasa sat«— 

Questors, Ealing 

FaUSt by MICHAEL COVENEY 

1 , je nf longer play. The plot to murder 

We here enemies. -WU-J n^odesl produeUon. 

rrdn’r « c :n % i s&s ss 

ay if 

lung under la king. The amateurs aCti ng of JWJ riaml^tack- stage-managing extrasMd pbnk- 

■n K-iiin- with a fine disregard f Faust) »nd the upns » fi plonk pef^issive effects for the 

^ u^r" 1 ‘ha t-nm e '’u p' ^-ith 0 ^ o^Son “chisholin as Mephifito- fifftftbancVof seeteg a piece 

nr Foust’s involvement wiTii P^ g play shifts. .in its ; later flnal , 

Gretchen, the f^ctuden^^he stages, into a njovmg e. m ^ company go a 

siupheles and the Stude t, ne 5 ^ q[ fte doctors impact on businegs throughout 

Leipzig 8®^ comes a rustic community pose an d integrity. 


about their 
with pur- 

«iimnle pose ana integrity. It te a 
and .s>«nP , r e f cwardill g evening, a conoder- 


Thc Gretchen saga ‘ , . ous rites “**“ 

.Irrnss with real ?,JmJ mnrnls. it makes sense for fea ^ er ^ tbe “ Quertprs' cap. 

SBS ."vSrtrom to Mr. toreet i, eleo to toecre, 

rincs). a barc-bones, fcensiuiy 


Co vent Garden 

Norma 

by ELIZABETH 
FORBES 


Cast changes in the revival 
of Bellini's opera Norma 
currently at Covent Garden have 
brought Grace Bumbry, who 
sang Adalgisa at some of the 
earlier performances, to the 
title role. Miss Bumbry is much 
better suited temperamentally 
to Norma than to Adalgisa; 
whereas she has to subdue her 
natural authority when singing 
the younger priestess, she can 
give it full expression as Norma, 
and certainly no one else taking 
the part today can match her 
for dramatic intensity. She 
shapes all the declamatory 
portions of the score with great 
intelligence, and not one word 
passes her lips that has not been 
thought about and invested with 
meaning. ..... 

Vocally she takes a little 
while to sing herseU io-^ir at 
least she did on Monday. In the 
first scene the recitative leading 
up to “Casta diva" is better 
voiced than the aria itself, where 
the tone is less than ideally 
steady, or in the cabaletta, where 
the line is apt to be a trifle 
bumpy. But once launched into 
the trio at the end of the second 
scene Miss Bumbry finds her 
best form, and the tremendous 
attack which has always been 
one of her most precious gifts 
carries all before it Predictably, 
she is also magnificent in the 
last scene of all; from “In mia 
man alfin tu sei.” loaded with 
scorn for her faithless lover, 
through to the end of the opera, 
she enters the world of genuine 
tragedy. 

The part of Adalgisa has been 
taken over by Josephine Veasey. 
who is entirely convincing as tne 
“flower of innocence" that 
Pollione calls her. She phrases 
her prayer “ Sgombra. 6 la sacra 
seiva" with moving simplicity, 
while her performance as a whole 
glows with gentle sincerity. With 
soch a rich-toned Norma, it would 
have been particularly interest- 
ing to bear a soprano Adalgisa 
in the duets. Alas, that is oot 
to be, and in fact Miss Veasey*s 
plangent timbre both contrasts 
and blends very well with the 
molten, burnished sound that 
Mice Bumbry brings to her share 
of “Mira, 0 Norma." The rest 
of the cast, remains as it was on 
the first night of the revival- The 
chorus is greatly improved, 
though it still sounds under- 
powered in “Guerra! Guerra! 
where the conductor. Jesus 
Lopez-Cobos, overwhelms the 
warlike Druids. 



L 


MANUFACTURERS HANOVER 
CORPORATION & Subsidiaries 

Consolidated Statement of Conditionjune 3D, 1978 

DIRECTORS : assets 

WHUAMO/Beers : Cash- and Due from $ mnnon 

chedzman o] the Board . Interest Bearing Deposits with Banks .......... S.-o-.aae.ooo 

KrafUtoc. . Federal Funds Sold and Securities Purchased 

wnjjAM s. BEXNEGKE I under Agreements to Resell 208,000,000 

chairman of the Board Z U. S. Government and Federal Agency Obligations 745,740,000 

Th. sparry a*d auuhsmon company . obligations of States and Political Subdivisions. . . 1,229,649.000 

wnjjAM S. CASHEL, JR. j Other Securities 120303000 

Vice Chaim an of the Board . Trading Account Securities - -lMJ.JU3.uuu 

Ameziooa Telephone Er Telegraph Company ; Total Securities 2,343,818,000 

GABRIEL hauge '* Loans ^’S-'^onu 

chairman of iha Board • Lease Financing Receivables i.uao./uu.u.u 

t Tota i Loans .20,972,396,000 

HENRY H. HENLEY, JR. C T oco . Reserve Fnr Pnssihle Loan Losses. . (177,651.0001 

Chult, Peabody ErCo.i Inc. Z Net Loans 20,794,745,000 

BARRON HILTON l Premises and Equipment ’*" ^ oaiiBlOOO 

S Customers 1 Liability on Acceptances 1.081.181,000 

Hilton Hotels Corporation ; Accrued Interest Receivable - 3Ub,-*/-±.uuu 

: Other Real Estate 97,76 ?'??? 

JEROME H. HOLLAND I Other Assets 275,869.000 

Director of various corporation* ; Total S36.976.314.000 

WILLIAM T.LAPOKTE ; LIABILITIES 

Amuiuii Home Pndosts Corporation : Demand Deposit 

\ Savings Deposits = e^oS'Sn 

j.paullyet • Other Time Deposits 5,63^,960,000 

: Deposits in Overseas Offices 11.200.958,000 

Sperry JSandCDiporatlon Z Total Deposits 30,403,304,000 

Z Federal Funds Purchased and Securities 

: Sold under Agrefflnents to Repurchase ^.SM.OOO 

Aiiiedstom corporation * Short-Term Notes Payable -B68.4-a.UUU 

; Other Borrowed Funds 340,231,000 

joroa r. mcGILUCDDDY : Acceptances 1,118,846,000 

prosidani ; Accrued Taxes and Other Expenses 557,04B,000 

RENE c. MdPHKRSON I Diridend Payable 

Chainnoa of the Board nod Z Other Liablhties 34/,i0a,UUU 

g SISSSSS*" : Long-Term Debt 664,632,000 

GEORGE B.MUNROE i SHAREHOLDERS’ EQUITY 

i Preferred Stock [without par value] 

: Authorized— 10,000,000 shares 

charlesj.pilliod.tr. : Outstanding— 13,947 shares 697,000 

assaarffli -4 : CommonStockrpapv a Iue$7.50) 

T2ia Goadyaor Tire »HaljhBr Company Z Authorized— 40,000,000 shares 

• Outstanding-^32,523,532 shares .......... 243,9-/ ,ooo 

JOHNS. SICKER, JR. - Surnlus ..... 421,521,000 

Chairman and Frwsldmt Z ■» T _ tillftL 673,676,000 

Thu C iwHwwiter fiaroarntloa ■ LJHClIVKleu. HrOlllS 

• * Tnfal ShareholdarB 1 Equity .............. 1,339,821,000 

W.RRDCE THOMAS : Total S36.976.3J 4,000 

Exoetdhv Vita President • 

: Headquarters: 350 Park Avetme, New York, N. Y. 

United States steel Carooiatfon • London Branches: 

: City Office, 7 Princma Stn ECJSP 2LR 

JOHN A. WAAGE ■ Gnwvanor Square, P.O. Box 4NF, 88 Brook St, W1A 4NF 

VIoo Chmnnan of tha jB • ^mawnn-np^CES? BaKwria. -p n wn« sm « amdiaraat: Bnlevardal RepablicU, IS 

• Cairo: 3, Alimnd Ncsalm Street, Giza • Dnc4acldorI: Ka5*cnsrorthnr Sir. JM, &ug 

MARINA T.N. 'WHITMAN Z mmkfartr Hocke nhci mcr Lands trturac W-53 • Hwnbn^: rehlmdatr. 3 

nicffn- i -f_T t D«M(r ftm-irn PmfocMf • Hong Kong: P.O« Box7Vfl * MaolUi Cflrin&iBB Pto Co a d an i U Uiiii 41a UMfi 

1 J # • Nww: P43. Box K4UI * Singapore: UIC BnMteg, 5 ShmtoB Way 

. TiAyoc Asriil-Tokri Building, B-I.^chomo Dtsmodn, Chlyoda-Ka * Zurich: StockertfranB 3S 
GEORGE G. ZIPF • BEFKESSNTATIVE omCK St Afeana, Bangkok, Brirnt, Basata, Bnanaa Aina,' Cain, 

Vico Chatimas * v^niwii^i , gBmfcfmt, Knalu Limmnr- Lima. Madrid, Mexico Gily. Munich, 

J. Ray McDtmnott fr C0u Inc. ; >faIrohl. Oalo, Pam, Mo de loaniro, Rinat, San Salvador, Sto Paula, Sydney, Teheran 

President Z latenuttanal Corpora !e OIIIcm: Chicago. Ilooston. Las Angela 

The Babcock & Wiicos Company * lacoipanited ifilh Lunitad Liabiiny In U.S.A. 


Financial Times Wednesday July 2G 1978 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 

Telegrams: Flnantlmo, London PS4. Telex: 886341/2, 883897 
Telephone: Qi-248 8000 

Wednesday July 26 1978. . 

A simple case 
of hypocrisy 

WE ARE, after all, in the projects from going ahead at 
middle of an election campaign all. It raises the price of goods 
and should by now have learnt which are actually produced. It 
what to expect The Govern- is thus directly inflationary. In 
ment's Bill to maintain the the longer term — and dividend 
limitation on dividends is not control has been around for 
the only recent example of quite a while-— it must starve 
Ministers eating their words oE {unds precisely the sort of 
with total disregard for anything company which the Government 
except the feelings o£ Labour and indeed all those interested 
Party activists. For months in the growth of the economy 
before the Budget a number of wlsh t0 

Ministers, with the Treasury successful and competitive firm, 
team leading the charge, had ea £? r t0 d ‘. 
arsu6 d volubly that the time bed T j£ n 

come tn restore incentives for ed a mountain of cash 

the manager and the nakrtakar. te forced either t0 sit on it to 
It could ha\e been done at little UQ( j er t2^ce marginal investment 
cost, ^et it was not done. And promts against its better! 
when the Conservatives, aided judgment or to go out and buy 
by some of the smaller parties, existing assets in the Stock 
did something to redress the Market through a takeover bid. 
balance, they had to march all to make this plain to the 
over Mr. Healey’s dead body. country at large and to trade 
T j union leaders should not be 

Industrial strategy beyond the wit of experienced 

Now, it is happening all over politicians. To argue that ttae 
again: Once it had worked its success or failure of the incomes 
manifesto zeal out oF its system policy hinges on dividend 
and started to face u pto reality, restraint is either straight 
the Government began to hypocrisy or an insult to the 
acknowledge that it needed a intelligence, 
rigorous and profitable private Do Ministers really believe 
sector if the decline of the ibat trade union leaders or their 
economy was to be arrested. The members are incapable of 
industrial strategy — whatever appreciating the difference 
that may be - was born, between wages and salaries on 
Suddenly we witnessed the J* °" e a " d dividends on 

development of passionate con- ? e other? ^ 
cern for the welfare nf the 
small company. The question “J* 0 J^SS^SL. 

whether industry couJd raise JJ* ™ 

. „ ment and a marginal tar rate of 

the funds needed for investment , H ^ d t if 

and if not. why not. became no ackl , owlcd;;c that rewart 

merely a constant topic °f must b e related to risk, is it not 
speeches but a subject of tj me ttiey had ttle ^ 
investigation by all and sundry. t0 say s0? 

Anyone but a total cynic 
might well -have been led to Damaging 
believe that however slow the Fortunately, it looks as though 
learning process the Govern- ^jj e Bill be lost, though alas 
raent was finally prepared to one cannot be completely 
take whatever steps it could to certain of that. But in the 
ease the problem. Even the process more speeches will be 
Treasury was clear and out- ma( j e 0 n the Government side 
spoken on the point. In its which cannot be other than 
evidence to the Wilson Com- damaging. And there is the 
mittee on the financing of threat — so far onlv uttered in 
industry and trade it said that private— that if the House of 
notwithstanding the latitude Commons were to vote the Bill 
given to companies which were down the Government will seek 
making rights issues to increase t0 eQ f 0 rce “voluntary restraint” 
their dividends, "there can be through sanctions. It is one 
little doubt that dividend con- thing to enforce a pay policy 
trol has tended to distort the which the House never voted on 
equity market, making it less by using the Government’s 
attractive particularly to private administrative muscles. How- 
investors. and has thus to some ever reprehensible, though, this 
extent increased the cost of W ay of proceeding would be 
raising of new capital." constitutional propriety itself 

Increasing the cost of new compared to a decision by the 
capital through distorting the Government to seek to 
market has a number of results, implement a polity which the 
It affects the supply side of the House of Commons had 
economy by preventing some decisively rejected. 

Growing pains 
in the U.S. 

THE DIFFICULTY of the is much less clear about the 


Four years of escalating 
war have turned Ian 
Smith’s ‘economic miracle’ 
into a memory. 

Tony Hawkins, 
in Salisbury, 
describes 





Rhodesia’s economic retreat 


J EERS, catcalls and derisive 
laughter from formerly 
loyal supporters greeted 
Mr. Ian Smith’s claim at a 
by-election meeting last week 
that as a result of his UDI in 
1963, White Rhodesians had 
enjoyed “the best 13 years of 
our lives." The absurdity of 
this claim was demonstrated 
quietly and logically within 24 
hours when the joint Finance 
Ministers in Salisbury's transi- 
tional Government, Ernest 
Bulle and David S mith 
presented tbelr 1978 Budget 
showing that economically the 
country is coming to the end of 
its tether. Their Budget is 
based — quite transparently — on 
the assumption that within the 
next nine to 12 months the old 
white order will have been 
replaced — one way or another 
— by a new majority rule 
administration, bringing with 
if international recognition and 
the lifting of economic 
sanctions. 

A feature of the 13 years 
since UDI — at least until very 
recently — has been the quality 
of economic management. Beset 
by economic sanctions, by 
several years of adverse 
climatic conditions, by a 
widening guerrilla war. inter- 
national inflation and recession 
and severe transport difficulties 
following the collapse of 
the Portuguese regime 
in Mozambique, Rhodesia’s 
economic managers displayed a 
quite remarkable ingenuity and 
flair. So much so, that by 1974 
they could point to a minor 
" economic miracle.” Gross 
domestic product had risen 83 
per cent in real terms over the 
nine years, while on a per 
capita basis living standards 
were up 34 per cent— despite 


a 38 per cent rise in population. 
Inflation had averaged a tiny 
3.5 per cent a year. Industrial 
output had virtually doubled 
while production in mining 
and manufacturing had risen by 
two thirds. African employment 

bad increased by 268,000 (or 
30,000 a year) — a far more 
impressive record than that of 
most African, countries not 
subject to sanctions and able to 
draw upon considerable 
amounts of aid and foreign 
investment 

Had Mr. Smith confined his 
boast to cover this nine-year 
period then no-one could laugh 
him out of court Unfortunately, 
while the economy made time 
for the politicians to solve the 
constitutional dispute, tbat time 
was wasted. Mr. Smith and his 
senior colleagues admit that 
they did not foresee the collapse 
of the Portuguese in Mozam- 
bique, they did not envisage 
coming under increasing pres- 
sure from Pretoria to settle with 
the Black nationalists and they 
did not believe that 13 years 
after its . first application 
western governments would still 
be twisting the economic sanc- 
tions screw. 

In 1978, real GDP will fall for 
the' fourth successive year. Since 
1974, it has declined almost 10 
per cent (6.9 per cent last year 
alone) and the current forecast 
is for a further 7 per cent de- 
cline this year. When set against 
a 3.8 per cent rate of black 
population growth, this means 
that by the end of this year real 
per capita incomes will have 
fallen 25 per cent from their 
1974 peak and will be back to 
the pre-UDI levels. 

After maintaining exchange 
rate stability for 25 years, 
Rhodesia has now devalued 




three times in the past three 
years — twice in the last ten 
months. In recent years. Infla- 
tion has averaged 9 per cent a 
year. Employment has fallen by 
nearly 40,000 at a time when 
there are upwards of 50,000 
black jobseekers coming onto 
the labour market each year. 
Industrial output is running at 
1971 level; and the white popu- 
lation, which grew by 38,000 by 
way of immigration between 
1965 and 1974. has fallen by 
more than 20,000 as a result of 
net emigration 
Statistics alone do not tqll 
anything like the full story of 
the permanent damage being 
suffered by the economy as a 
result of the guerrilla war 
(mainly) and continuing 
economic sanctions. The tsetse 
fly situation in rural areas is 
said by officials to be worse 
now than at any time this 
century due to the breakdown 
of veterinary services in an 


increasing area of the country. 
Dipping services in many areas 
have broken down completely 
and official fear that tick-home 
diseases could take a heavy toll 
of the national herd in the 
months ahead. 

To all this must be added 
the permanent damage to the 
economy in the form of the loss 
of skills through emigration, 
the destruction of capital equip- 
ment, irrigation schemes, 
bridges and croplands and the 
massive unemployment problem 
that is building up because of 
the economy’s inability to 
generate new jobs. 

Last week’s Budget reflects 
the current strains in the 
economy. No less than one- 
third of total public spending 
represents deficit-financing, 
roughly half of which will be 
financed by domestic loans and 
the compulsory National 
Defence Levy which is theoreti- 
cally a three-year loan to the 

pPW 

■ti 5 





Ian Smith and his internal Settlement colleagues grappling with an economy at the 




end of its tether. 


Treasury paid by taxpayers 
i (mainly whites and companies) 
whose current tax liability 
i exceeds £75 a year. Not many 
financial analysts here expect 
the loan to be repaid and indeed 
in the light of promises by some 
black politicians — notably Mr. 
Joshua Nkomo— not to redeem 
loans raised to prosecute the 
guerrilla war, it seems tactless, 
not to say unintelligent, to have 
called the loan, which carries 
tax-free interest at 4.5 per cent 
a year, a National Defence Levy. 

The other remaining half uf 
the £240m deficit will be 
financed by “loans already 
arranged.” about which officials 
will give no further details 
other than to admit that a sub- 
stantial portion of this repre- 
sents foreign borrowing. 
Observers here believe the 
greater part of this comes from 
South Africa but the Treasury 
was prepared to reveal That it 
is raising $Rhl5m in the Euro- 
market over three years at a 
spread 1 per cent below libor 
(the London Inter-Bank Offered 
Rate) — prime terms in any- 
one’s book. 

One of the more surprising 
features of the Budget was the 
fact that security spending this 
year (197S/79) is scheduled to 
rise only 2 per cent Indeed, as 
a proportion of total public- 
expenditure, the war will cost 
fractionally less than last year 
(27 per cent as against 28 per 
cent). Given the recent escala- 
tion of the war this can be read 
either as “wishful thinking ” 
(as Mr. Smith would say) or as 
confidence that there will be a 
de-escalation in the coming 
months. It highlights the extent 
to which the Budget is a 
gamble, since if supplementary 
appropriations are necessary 
next year they will have to be 


mer by increased taxes or more 
foreign borrowing. 

The.. external payments posi- 
tion is extremely difficult ton. 

Last year, the country ran its 
largest payments deficit since 
UDI (£3 2m) financed partly by 
foreign burrowing and partly hy 
a rundown in the already, 
meagre reserves. Exports fell by 
some £l0m (no precise figures 
are released) and are officially 
forecast to decline by another 
£20m this year. Imports are 
already very severely restricted 
and Minister Bulle warned lost 
week that there would be 
shortages : nf “low priority" 
imports this year. 

Underlying the economic 
statistics is the unspoken focr uf 
officials, politicians add business- 
men that an increasing number 
of whites will in the next few 
months decide to quit. In fact, so 
far this year the rale of net 
white emigration has fallen -w 
per cent and is running at less 
than 600 a month as against 
1,000 a month in the comparable - 
period of 1977. 

For the moment an 
atmosphere of wait-and-see 
prevails, but there is great 
apprehension and little con- 
fidence about the future; a mond 
reflected in last week's High- 
lands North by-elcction with the 
Rhodesian Front’s share of the j 
vote slumping from 70 per cent a ;.»'** '■ 
year earlier to 49 per cent. Even 
the present gloomy, economic rlV •*. • 
predictions of a further 7 per 
cent fall in real output, rising 
unemployment, faster inflation 
and lower output volumes in 
mining, manufacturing and con- 
struction may prove to be tuo 
optimistic if white confidence 
really does crack in the coining 
months and the while exodus 
gathers pew momentum. 

Although there are many 
people both in Rhodesia and 
abroad who believe that the 
commitment to majority rule «»n 
December 31 can in some way 
be reversed, the economic facts 
— not to mention the military 
ones — dictate otherwise. The 
present economic strategy is 
squarely based on the assump- 
tion that by this time next year 
the worst pressures arising from 
the milltaiy and economic wars 
will have abated. If the assump- 
tion turns out to wrong, then 
new public spending and import 
cuts and higher taxes will he 
necessary- The economy simply 
cannot afford this, which is why 
the internal settlement — or 
some other formula that ends 
the war and secures recognition 
—must be made to stick. 


economic policy choices facing 
President Carter is underlined 
in today's annual OECD report 
on the U.S. After predicting 
that next year's slowdown in 
growth could be “significantly 
more pronounced " than the 
Administration currently en- 
visages. the report comes to the 
conclusion that the U.S. 
authorities have precious little 
room for manoeuvre. By the 
first half of next year, the 
OECD thinks that gross national 
product will be growing by no 
more than 3 per cent, compared 
with this year's 5 per cent and 
the 4 per cent assumption 
underlying the economic pack- 
age endorsed at last week's 
Bonn summit. 

Inflation 

The OECD accepts that a 
slowdown in 'activity is now 
desirable, particularly 'as top 
priority must be given to the 
fight against inflation. But it 
calls for even greater caution 
in demand management A more 
restrictive stance by the 
Administration would probably 
help to contain inflation, 
although with some time lag. 
The danger, however, lies not 
only in the likely effects on 
domestic outpot employment 
and investment but equally in 
the impac that recession in the 
U.S. could have on the hesitant 
recovery in the rest of the 
world. 

The report is not totally 
gloumv. It foresees a reduction 
in the trade deficit over the rest 
of the year and in 1979. arguing 
that much of the recent decline 
appears temporary. Part of the 
recent deterioration may reflect 
the worsening of the terms of 
trade caused by the dollar’s 
depreciation, which should 
ultimately work its way through 
in the form of increased 
exports. The OECD, however, 
makes no secret of its concern 
that the dollar may slide further 
if there is no reduction of 
inflationary pressures. 

The Organisation, however, 
while gpelllns out the problems. 


MEN AND MAHERS 


answers. It has no new ideas as 
to how inflation should be 
tackled, although it has a 
favourable word to say about 
the Administration's wage and 
price discussions with repre- 
sentatives of management and 
labour. It is to be hoped, in the 
OECD’s view, that price-incomes 
policies based on voluntary 
restraint can have the same 
success they have had in some 
other countries in reducing 
inflation without unduly sacrific- 
ing the growth of productivity 
and real incomes. 

The OECD is on familiar 
ground in stressing the need for 
the early enactment of an effi- 
cient energy programme, with 
particular attention devoted to : 
the price mechanism. There is, | 
however, surprisingly little dis- ! 
cuss! on in the report of the need 
to bring the expansion of tbe 
money supply under proper 
control. 

Protectionist 

Tbe problem, as the OECD 
points out, is that so long as 
the U.S. continues to increase 
its oil imports and expand faster 
than most other Western coun- 
tries, it is bound to remain in 
current account deficit, adding 
lo the pressure on the dollar. If, 
on the other hand, it slows down 
its rate of expansion, world 
recovery will suffer. The answer, 
in the Organisation’s view, must 
lie at least partly in stimulating 
domestic demand growth in 
countries with stronger balance 
of payments positions. That 
would ease the balance of pay- 
ments problems of countries 
like the U.S. and help to restore 
greater currency stability. It 
could also help to fend off pro- 
tectionist pressures- The difficul- 
ties of this approach, as the 
Bonn summit showed, are 
formidable. Indeed, the limited 
nature of the Bonn package and 
the U.S. contribution to it is 
one of the factors behind the 
latest fall in the value of the 
dollar. The rest or the world is 
still looking. to President Carter 
for decisive leadership. 


In the Citv’s 23-year-old graduate in arebae- medicine, not guerrilla war, is 

111 hiiw vihj 0 ology: his usual team of where he says bis heart is. 

hif* hole volunteers — which needs con- 

u, «* w slant replacement — numbers 50. 

To come all tbe way from He showed me around the site, BCBVGr’S hoard 
Auckland. New Zealand, then which at one point is down to Th it : m column on the 
spend part of your time scratch- the remnants of Roman mosaics auctionil] «, of more than 20 
mg in the City dirt with trowels, from about 200 AD. The area. fe t S by°ar^ t SXm S^ther 
is not the normal typeof alongs nde Waiting! Street a main land to ^ Beaver brook has 

* 1 had a surprising sequel. Wien 


Hunnibell and her 16-year-old district in those times. 


the letetrs came up at Sotheby’s 


son Neil just feel pleased to be At the moment, Perring has a ^sterday omxning tteydld 1 not 
doing their small bit to uncover crucial deadline of mid- reach tiieir^re e price and 
London’s past They heard September. By then he has to £70fr they 

about the dig. at the bottom of be able to prove that the site J2* b Ten iweted to ’rSS 
Bow Lane, on the radio and contains important evidence JJf® S AfteSwaS 1 

applied to the department of about London's past That will ° k ® t0 Sutherland who is stay- 
urban archaeology at the London give him another four months f ng in Pembrokeshire and asked 
Museum to join m as volunteers, before those long-hidden walls, how b _ ab ’ . the low 
When I visited them yesterday, wells and rubbish dumps are Mdding ‘Terhaps it “s ftightiy 
in the big hole opposite Mansion lost forever beneath a new gHK&J he sstid Aeerfollv 
House tube, they were working office block. So Perring is glad Srmnot%i to lose any 
alongside Gregory Hurt of of all the help be can get-even siee p about it” 


Enfield, who has just completed from American tourists who 


On the delicate aspect of 


his A levels. Nearby was come in for a few days then letters bv livill2 Dersons bein „ 
Beatrix Blake, a professional vanish. While on the inside gutheri^d w« morl 

artist who is spending part of looking out I wondered if some emphatic. He said he thoueht 
her summer on the “CityDig.” of the regular watchers, through jKintt had been “exJremelv 
She said: “There is an element the holes in the surrounding SScmSSi? in not fSES. 
of treasure hunting in it It’s fence, ought not to be down °*My letterfroSld have 

good open-air exercise as well ’’ where the action is. bren nLeffou^ he ™ 

In charge of the Bow Lane ^ ^ IMI ’~ should have been furious had 

excavations is Don Perring, a , they dealt with a couse celebre." 

Another Arafat As it was, he said, the letters 

were "rather simple," as far as 
Middle East experts who fancy he recalled them, because 

M***£j^\ tiiey see Yassir Arafat, leader Beaverbrook always like things 

j of the Palestine Liberation spelled out. I reminded Suther- 

jlcj^^ppj Organisation, strolling down a land that in one letter he bad 

If* 1 "* 1 London street this week, should warned Beaverbrook to take 

U not be deceived. It will be his care about buying picture by 

fl brother. Dr. Fathi Arafat, who August John, since be was “an 

looks exactly like the idol of the unequal artist" At 75, Suther- 
/IcKnaX A jM I’e&iyeen but is head of the land still hold that view; “Very 

I Palestinian Red Crescent. He is true," he remarked. 

I tH \ Jx in Brit ®in at the invitation of At Sotheby's there was some 

\~uene J yJI ae British Red Cross. touchiness at the suggestion that 

7] — g|lf is to make contacts. Sutherland had expressed sur- 
SaH This is his first visit here, and Prise an hearing of the auction, 

■ men yesterday he was lunching with albeit an abortive one. Roy 

I OH| several MPs before being shown Davids, head of the manuscripts 

H around Westminster. Is Dr. department, said it had been 

II /frWSiWi Arafat at all political? He reported it) Januarv that the 

I MzJBm n certainly talks politics and is a letters were for sale’ 

■ mei ! 1ber the Palestine Davids said if Sutherland had 

j • t — National Council, the par- been given offence he was sorry, 

1 iament in exile. Where he is but there was no obligation to 

Twfm staying in London is also being tell a person that his letters 
■ treated discreetly. But were to be auctioned. If letters 


pa- 


f UH*poh\ 


contained indiscretions, they 
.would not be sold, or at least 
not mentioned in the catalogue. 
The Sutherland letters — and 
many others — were sold by the 
Beaverbrook trustees to a 
private collector who has been 
awaiting tbe right moment to 
selL Yesterday was clearly not 
it 


Treasure trove 

An unusual treasure hunt for 
what is believed to be the last 
of the First World War German 
U-boats is now under way in 
an equally unusual place — Lake 
Michigan. The submarine, the 
UC 97, sank seven Allied war- 
ships in the North Sea and was 
brought to Chicago after the 
war to help promote Victory 
Bonds. Under the Treaty of 
Verseailles it was sunk in the 
lake in 1921. 

Paul Knutson, who is arrang- 
ing the search, told a colleague 
that with the help of the log 
book of the US.S ship which 
sank the UC 97 and of magneto- 
meter readings he believes he 
has found the submarine. 
Before cheap fuel oil came into 
use. the metal mercury was used 
in the submarine's tanks. The 
submarine could thus contain a 
small fortune— enough to pay 
for the £540.000 cost of the 
salvage and hoped-for restora- 
tion. 


Hard lines 

Thus are the mighty fallen . . . 
A wall In Hackney, East London, 
has carried for many months the 
slogan; George Davis is 
Innocent, OK. Within hours of 
Davis being convicted for 
robbery, all but the first two 
letters of the word “ innocent " 
had been obliterated, so that it 
now reads; George Davis Is In 
OK. 



Observer 


‘This is the real 
Mike\arwood 
talking! 

And the only person I J m impersonating is 
an ordinaiy man who cares about the deprived 
children of this country. 

Just beca u s e you may see me on television, 
please don't think I’m insulated against the 
plight of thousands of underprivileged children. 
I’m not. 

I can’t do much to relieve their suffering on 
my own. But Barnardo’s ran , 

So I help raise funds for them. In fact, this 
is what this advertisement is all about. Me, Mike 
Yarwood, a sking all you people to help 
Bamardo’s care for children. 

Please give,your caring isn’t enough. 

Send your cheque/PO, made payable to Dr. Bamardo's, 

toiBumardos, FTY . 

22Drumsheugh Gardens. Edinburgh EH3 7RP. 

© Bamardo's 


111 


k ■ ' 1 



ctfM -fl 












Financial Times Wednesday July 26 19T5 


*;■'■ David Fishlock takes a critical look at the NEB's cash injection into microprocessor manufacture 

Chipping in on an engineering revolution 


lN EMINENT British professor widely accepted as, say, the car mechanical 
^ scientific adviser to the war- or colour TV. present-day 


operations in U.S. Government pay Silicon 
products, from Valley in dollars and for 



Jme Cabinet— once remarked . L ® 1 tiie J e * e , no d °“ bt . . ab ^ domestic apparatus and instru- security of supply. It will prob- 
^ iat “ it has unfortunately been SJfcS* * J® mirmhirod mtow ^ “anufacturing a Wy be a first-rate demonstra- 
British characteristic to con* HS?”*,”.* proceBsin S P la «ts. tion of the power of the micro- 

•ntrate on what seemed to be "jg, L^ gh «j£S£ £* S1 “ p,y * Jt »“ he ^ processor on the production 

\ re * clever ■ parts of a project ^^oe? liiv ma £J^ machinery— esperi- line. But the fine chemical 

X jd to neglect the seemingly “Ucromlniaturisstion, a sjjipen- ally automatic machines— much industry in the UK already has 

\ller but nevertheless equally torero to^An*{SfSS5F tr and for good samples in operation of 

fficult mechanical parts ” ™ r „i^ dUC i n '’ nteIllsence m raan y microprocessor control being 

U samples are legion of clever JJjJJ ? Thp no ? e e2flsts toda y- used to transform “bucket 

ritish ideas and inventions ?“ J™5rr y * fo 5. ??2n» t lSn k. T * he mistake ’ bowever - would shop ” operations into continu- 
hose inventors in recent times Jjf *!??*? new fact01 V our processing plant, 

sve fired tho imagination of the Jjjvjjiij* * °L ^ 3^-?° the w ni ? st advanced kinds The highest priority, how- 


ains, the electric car and robot if about a renaissance of indigenous production of the 

3d. carbon fibre and other blgger a production line or a industrial practice In Britain. It chips,, a component which even 
wonder materials,” the linear ! 


iduction motor, fuel cells and 

uidised-bed boilers — even- DEPARTMENT < 
artificial intelligence.” ‘ But ' 

here are they now? 

One thing is certain: the 

ablicity which surrounded each National Physical Laboratory 
r these ideas has been out of 

1 proportion to their earnings National Engineering Laboratory 
>r Britain. In each case the 


DEPARTMENT OF INDUSTRY IN-HOUSE RESEARCH 


Prime areas for 
microprocessor development 


iaaonal Physica laboratory 34 1,011 Instruments for automatic control; 

man-machine Interaction. 

lational Engineering Laboratory 26 878 Manufacturing technology 

tfficulty and expense of turn- w „ r . n c. n ^„„ . j,*-*-’. *^* t * m *- 

lg invention into a saleable Warren Spnng Laboratory n 386 Chemical process technology. 

/Stem — the “ seemingly duller ” Natloml Maritime Institute 9 287 Offshore technology. 

roblems— were woefully under- Computer Aided Design Centre * 115 Design and programming of 

stimated by their inventors and . microprocessors. 

JODSOrs. The many pitfalls for ““Oratory of the Government Chemist 11 428 Analytical instruments and 

ie innovator today, even when controls.! 

e believes he has the Govern- * The £29m spent rrehouse represents only 16% of Dot total R&D spending. 

tent's backing, were explored t ,ts roIe 35 * consultant to government departments inhibits the taking of research contracts. 

o this page on Monday. mmmmmm 

Britain could be in danger of housewife’s kitchen, for could not even be a quick in its most advanced form will 
Voting its mistakes on' a grand instance. ' ' answer, for such a plant would only account for perhaps 10 per 

sale in the suddenly fashion- The incentive to compress so take several years to set up, cent of the cost of the products 
ble field of microminiaturised much electronic circuitry into a before its chips ever began to that use them, but to learning 
tectronics. The publicity and chip of silicon one-quarter inch find their way into other pro- to use the chips to add value to 
be promised £S0m of public square is simply stated, the duction lines, much less into UK products. The nub of the 
ash from the National Enter- “engine” of the system will not radically new products. More- problem is to adapt a native 
rise Board — more than all the only be small, it will heed over, if performance, delivery British talent for the design 
mentions cited above have almost no power to run it, and and price are not right, Britain’s and engineering of complex 
bsorbed together — concern will be quite incredibly fast in engineers will continue to systems to the novel challenges 
oly the “clever” part of the its computations. The MR BAM import from “Silicon Valley,” of the microprocessor, 
ecfinology. manufacture of very is about as far as most elec- ^ a Pan, or wherever. The Department of Industry, 

dvanced microcircuits such as tronics engineers believe they The new factory is probably after a languid start, in the past 
be 64-kilobyte random access can hope to push a zaanufactur- needed above all to give Britain few months has been prodded 
nemory (64K BAM). Ultimate ing technology they have been a competitive lever in terms of into recognising the overriding 
conomic success with the micro- developing for a decade- If the advanced electronics — word importance of stimulating 
rocessor will be possible, how- successful, it will be the means has it that Britain is paying in microprocessor applications. As 
ver, only if it becomes as for displacing a myriad pounds the same figure as the X described on this page pn 


Letters to the Editor 


r;-*-'*** 


: ;4iU’ lV 

{*- W' *- V 

Z 

fti, J* 1 / .« 

i '5 5 i-i ?»•* 

- i * 


Trade with 
Comecon 

From the Chairman, 

Phe Minor Metal Traders? 
Association. 

Sir, — Mr. Hermann ( July IS) 
drew attention to the equivocal 
position in which firms may find 
themselves in dealing with state 
trading corporations of the 
Comecon countries. The Rolim- 
pex case was still sub-judice. 
under appeal to the House of 
Lords, when the conference on 
legal aspects of east-west trade 
was held in London last October. 
The corporations are to a large 
extent bound by printed condi- 
tions on their standard purchase 
and sale contracts, and one must 
emphasise the necessity for a 
careful study of the fine print 
in every case, particularly as 
regards such items as import and 
export licences, force majetsre, 
frustration, penalties for delay 
and arbitration. Moreover, there 
is a great divergence between 
the contract conditions of the 
different corporations and the 
different states. 

As far as the corporations deal- 
ing with metals and minerals are 
concerned, they will usually 
respond with consideration to 
valid objections which may he 
put forward, particularly if based 
on a comparison with the terms 
of the CMEA (Council for 

Mutual Economic Assistance) 
* 0 * General Conditions of Delivery 
of Goods 196S. which govern the 
sale of goods between the. 

I Comecon countries. Standard 
| contract forms have indeed been 
® changed as a result of forceful 
insistence by Western parties, 
i There always remains the 

bogey of possible collusion be- 
~§r tween the Ministry and a cor- 
ob poratioa where the enforcement 
¥ of an unfavourable contract can 
g be avoided by the imposition of 
f a licensing bah under a force 

J mo j cure clause; and the longer 
the time lag in performance the 
greater the risk. Traders should 
: endeavour to insist on early in-' 
. formation about the details of 
i licences, which, once obtained, 
t are likely to be defended by the 
corporations for the implementa- 
tion of their own programmes. 

I The probity of the Comecon cor- 
porations is generally high, and 
their commercial procedure has 
tended to. come more end more 
in line with the best* that the 
West can i>how. 

L. Lubetr. 

Ayrton and Partners, 

Frtendlrr House. 

21-24, CfcisteeU Street, EC1* 


markets that go with it Indeed 
it seems to accord closely with 
the notion at present being 
vigorously propagated by 
ministerialists that the Govern- 
ment is never inept; it is merely 
misunderstood. 

Though not a client of Mr. 
Chalmers’ firm. I have been 
acquainted with some of his 
economic thought over 25 years, 
and have been sometimes in dis- 
agreement, but I have found it 
more balanced than that of 
officialdom, for example. 

Finally, I think that the vietos 
expressed in brokers' circles and 
newspaper articles are more care- 
fully weighed by market princi- 
pals than Anthony Harris 
appears to think. 

R. A. H. Harrison. 

73. Mount Crescent, 

Brentwood, Essex. 


Keys to the 
college 

From Mr. J. Glyn Barton 
Sir, — Malcolm Rutherford 
(July 21) hopefully understands 
politics better than he does 
young manhood. Few of us, as 
undergraduates, would wish to 
be “given the keys ” rather than 
having to brave the perils of 
climbing in after midnight. The 
perils were not great, ana if one 
did not have tbe gumption for 
such as they were, then it was 
bettor one was safely in bed 
betimes. 

John Glyn Barton, 

Savile Club. 

69 Brook Street, Wf. 

Views that are 
weighed 

From Mr. R. Harrison. 

Anthony Harris (July 21) f u S* 
gested that Eric Chalmers does 
not have the right to issue advice 
to the authorities, and that our 
rulers and cx rulers have a- 
monopoly of wisdom. That seems 
to me to strike at the very heart 
of democracy and the tree 


Housing and 
taxation 

From Mr. R. Bronte. 

Sir.— I wish to correct the 
false premise in the article by 
P. J. Hardwick of July 20. Mr. 
Hardwick quotes the Green 
Paper on housing policy as 
stating that the annual subsidy 
on mortgaged bouses in the 
United Kingdom in 1976/77 was 
£205 compared with the average 
subsidy of £210 per annum to 
local authority tenants. 

The term “subsidy” is in- 
appropria te in this context 
because mortgage interest relief 
is normally only allowable (with 
the exception of option mort- 
gages which are not of major 
significance! against earnings 
(including investment earnings) 
and that relief therefore is 
merely income retained by the 
income earner, unlike the sub- 
sidy to local authority 
which is a real subsidy, as defined 
in the Concise Oxford Dictionary. 
It is Clearly false to describe the 
relief on taxed earnings as a 
subsidy and compare it w’th an 
uneconomical charge such as 
local authority rentals. 

Those with mortgages, are 
merely allowed to keep a little 
more of what they have already 
earned to the extent that thm 
represents the tax . fj? 

that portion of their expenditure 
representing the interest on their 
mortgage. It is therefore Illogical 
to describe as a subsidy the non- 
confiscation of that which a- 
person has earned, otherwise all 
net income could he described 
as a subsidy because it had not 
been taken in tax. 

In not allowing relief against 
mortgage interest and by taxing 
owner occupiers on an imputea 
rent tbe consequences would be 
a dramatic collapse in the con- 
struction and its spin-off indus- 
tries, a further rise in tne 
present high level of unemploy- 
ment (caused in pari hy tte 
muddled thinking of out 
and bureaucratic masters of the 
kind here Illustrated ) and. worst 
of all. an exodus of many hi^ly 
paid, irreplaceable and useful 

P< Even more absurd' ^ tiui 
suggestion that revenue aim 
sum by not taxing .an imputed 
rent to owner occupiers.. Carried 
to its logical conclusion the 
imputation of a TeI ?tto c 
owners hence these should akm 
be taxed, and of c ° f w, u ! 

would need an a troy of bureau 
crats snooping into our private 
lives and taxing us on pur wives/ 
husbands imputed subsidy . 

SSSSSSm belief; 

diture; loss of revenue or what- 
ever gobbledegook is used 
order to evaluate tt® Ja* <*ue 
on each partners value in 
various capacities- 

It can be seen from the fore- 
that there is not a nouse- 
bold m the land whose income 
can match the tax due on 
tomutud value of such services. 
thus 1 making the imputation of 
atental to owner cecupiers as 


absurd as imputing a value to 
one's partners services or to any 
asset one possesses. 

R. Bronks. 

Broom House, 

Broom Water, 

Teddmgton, Middlesex. 

Subsidies for 
homes 

From Mr. L. CloQier 

Sir. — Mr. J. P. W. Hardwick 
(the hidden side of public expen- 
diture. July 20) quotes figures 
suggesting that the average 
annual subsidy od mortgaged 
houses is roughly equal to that 
for local authority tenants (1976- 
1977 £205 against £210). He then 
argues this understates the 
benefits to particular mortgagors. 

But he ignores far greater 
“ bidden ” elements in the 
tenants' subsidies. For instance, 
in Greater London nobody could 
build a three bedroomed house 
for less than £15,000 excluding 
land (actually £20,000 but let us 
not upset the provincials); this 
would cost the owner occupier 
some £1,500 gross interest, plus 
repairs, plus maintenance; plus 
land cost, plus rates. In total, a 
multiple of the local authority 
rent would be required from -the 
mortgage-slave. That difference 
should be shown as the true sub- 
sidy. not the trivial £210 figure 
of no real meaning. 

Alternatively we could show as 
if on a “ balance-sheet ” the 
figure the local authorities could 
sell each house for on the open 
market At St Katherine’s 
Docks, London, or on certain 
Camden developments this could 
be £40,000 to £60.000 per house 
or flat This would measure the 
capital benefit foregone by rate- 
payers in order to properly 
house their fellows. 

All three suggestions (Mr. 
Hardwicks and my two) would 
ultimately tend to disconrge sub- 
sidies to private or to public 
housing: Presumably Mr. 

Hardwick considers such reduc- 
tion justified. 

Personally, I do not consider 
that the UK housing stock is of 
sufficiently good quality to 
justify reductions in subsidies. 
Lester Clother, 

The Sheilings, 

ChQdabridge Lane, 

Seal, Kent. . 

Owning or 
renting 

From the Labour Prospective 
Parliamentary . Candidate 
Sor Guildford. 

Sir, — Mr. Lindsay (July 24) 
on council house rents reveals a 
prejudice towards local authority 
housing which is redolent of the 
Heath government and of like- 
minded Conservative controlled 
councils at the present time. 
There are three general points 
which ! would like to make on 

this subject 

There should be a much 
greater availability of choice in 
housing between owner occupa- 
tion and rented accommodation. 
House ownership has expanded 
dramatically- under successive 
Labour ' governments. The 
present Government has sought 
to extend. the possibility of house 
ownership to first-time buyers 
and particularly the young. 

Many -people are. however, un- 
able to contemplate home owner- 
ship for financial reasons. Like- 
wise. there axe many to whom 
the aspirations and advantages 
of home ownership do' not 
appeal. Local authorities should 
seek. but oil too frequently fail 
to satisfy these legitimate 
demands for rented accom- 
modation. 

. There is nothing intrinsically 
meritorious in house ownership, 
as some Conservative spokesmen 
would have us believe, although 
in an inflationary world the long- 


term capital and income benefits 
to those who can afford it are 
substantial 

By the. same token, there 
"Should be no social opprobrium 
attaching to those in rented 
accommodation. There regret- 
ably is, however, and it usually 
focuses upon criticism of council 
house rents. A departure from 
the present Bystem, in which 
housing revenue accounts are 
required to be in balance, was 
attempted by the Conservatives 
between 1972 and 1974. They 
discovered that an “economic 
rent M was a conceptual nonsense, 
given that there is no “market 
place” in which council rents; 
might be freely determined.; 
Practical difficulties aside, the 
arbitrariness of rents so fixed is 
anathema to Socialists. 

Mr. Lindsay’s alternative pro- 
posal, of Income related rents, 
would presumably fall foul of 
Mrs. Thatcher's “free market” 
instincts. By analogy, I suspect 
Mr. Unsay would not be too 
happy were the subscription to 
his local golf club to be deter- 
mined, beyond a high basic fee, 
by bis income. 

Tbe widely held aspirations for. 
better bousing are reflected in 
the - substantial iovestible 
resources channelled into the 
housing sector. The Improve- 
ment in bousing, particularly 
with regard to home ownership, 
since the war, has been stimu- 
lated by massive subsidies in the 
form of tar allowances and 
Exchequer grants. It is legiti- 
mate to question (a) the high 
priority given, through subsidy, 
to housing in both the public and 
private sectors, and (b) the effect 
that this has had on the flow of 
investible resources into other 
sectors of the economy. This 
issue is part of tbe wider conun- 
drum of present consumption 
versus future prosperity. 
Although I believe that we are 
close to tbe right balance, the 
issue is of sufficient importance 
to warrant a more -widespread 
political debate than it has to 
date enjoyed. 

(Councillor) Paul Blagbrough. 
CharraDOOd, 

HorseU. Park, 

Woking, Surrey. 


Monday, it has got its in-bouse 
research centres working on 
applications (see Table), and is 
pushing them hard to, press 
their experience on industry. 

Earlier this month the Depart- 
ment of Industry announced 
that it was making £l5m avail- 
able to industry to encourage 
use of microprocessors both in 
production and product design. 
Companies can obtain up to 25 
per cent as a direct grant, or 
to 50 per cent as a develop- 


mi 


costs of which would be recover- 
able later from profits. 

This £15m is seen by Dr. 
Duncan Davies, chief scientist 
and engineer at the Department, 
as no more than the first tranche 
of a very big outlay by the 
Department to encourage tbe 
speedy changeover to micro- 
processor' control. He is just 
back from a U.S. tour where he 
found leading U.'S. high- 
technology companies already 
wide-awake to the potential of 
microprocessors in their new 
products. To cite one example. 
Xerox has a team of 1,200 in 
southern California working on 
microprocessors and their appli- 
cation to such products as elec- 
tronic copying and word- 
processing systems, both of 
which will be based on very 
sophisticated electronics, with a 
budget of about £25m a year. 

In Britain, one of the most 
dramatic demonstrations of the 
impact of miniaturised comput- 
ing power on a long-established 
technology is to be found in 
EMTs X-ray scanners. The new 
generations of EMI-Scanners. 
and of other advanced systems 
for medical diagnosis using 
ultrasonics, magnetic fields, etc., 
will all be designed around the 
microprocessor. Should EMI 
apply for any of the Depart- 
ment of Industry’s £15m? Dr. 
John Powell, its managing 

GENERAL 

Labour Party national executive 
meets. 

TUC General Council meets. 

Confederation of British 
Industry considers how to pursue 
its challenge to Government pa; 
sanctions. 

- Chrysler executives - and union 
officials hold separate meetings 
with Mr. Eric Varley, Industry 
Secretary, Mr. Albert . Booth, 
Employment Secretary, and Mr. 
Bruce Mil lan, Scottish Secretary, 
In effort to settle strike. 

The Queen starts the Xlth 
Commonwealth Games relay from 
Buckingham Palace courtyard, 
10.30 ajn. . 

PARLIAMENTARY business 

'House' • j at - Commons: • Lords 


New Issue 


director, asked department 
heads in his electronics group. 
The answer was no — the micro- 
processor was already a “way 
of life,” an integral part of their 
thinking. 

The production lines that 
make the advanced electronics 
themselves will be an excellent 
demonstration of the power of 
the microprocessor. British K 
ingenuity has spawned two 
electronic machine tools — really 
very complex electronic systems 


industry worldwide is designing 
much of its new manufacturing 
capacity. These machines use 
finely focused beams steered by 
microprocessors to fashion the 
silicon chips into circuits. 

One is the electron-beam 
microfabricator, invented at 
the University of Cambridge 
and developed by Cambridge 
Scientific Instruments. This is 
the machine which, at a cost of 
upwards of £300,000, allows the 
electronics engineer to forget 
the limitations of light waves. 

The other is an electronic 
machine tool for impregnating 
the chip with the impurities 
responsible for its special 
electrical properties, at exactly 
the point where those properties 
are wanted. The ion-beam 
implanler, invented by Harwell 
and developed by Lmiott 
Engineering of Horsham, uses 
a beam of nuclear particles to 
implant foreign atoms precisely 
where tbe microprocessor 
directs it 

At more than £200.000 apiece, 
it promises to be one of the 
most effective ways of reducing 
the costs of manufacturing 
advanced electronics, through 
its precision, high throughput 
and high yields. The Depart- 
ment of Industry has backed its 
development with loans of 
almost £300,000 from its 
pre-production order scheme. 

Both of these machines are 





NPL researchers with Alickie. their niieroproces.vor-haM'd 
system for interviewing patients. 


expected to feature in the new 
INMOS chip factory backed by 
the NEB. But the big payoff 
for Britain is expected in come, 
in (he 1980s at least, from the 
application o( microprocessors 
to a host of traditional activities, 
from communications (where it 
must surely explode into an 
industry bigger even than the 
ear industry) tu factories, mills, 
even farms throughout Britain. 

A delightful story is told of 
an Essex farmer who became 
fascinated with an “educa- 
tional ” computer he had bought 
for his young son. Father and 
son — helped later by the 
University of Essex— applied 
the basic principles of comput- 
ing to one of his farm's peren- 
nial problems, the grading nf 
potatoes. So successful were 


these entrepreneurs that they 
abandoned ihc farm and went 
intu business with their micro- 
processor - controlled potato 
grader. 

One-man businesses arc 
discovering that they can make 
their activities much more 
manageable in this way. work- 
ing nut balance sheets with the 
facility that others find they can 
now keep and verify the house- 
keeping accounts. When the 
“general - purpose" micro- 
processor arrives in the British 
home it will have the advantage 
of the new TV systems such as 
Presicl (viewdata i and Ceefax. 
in themselves outstanding 
examples of British ingenuity, 
in designing clever engineering 
systems ready- iu offer the user 
direct access to large data hanks. 


Today’s Events 


messages on Scotland Bill, Wales 
Bill and Parliamentary Pensions 
BilL 

House of Lords: Euro-debates 
(orders and regulations). Weights 
and measures orders on extracts 
of coffee and chicory and termina- 
tion of some Imperial quantities. 

Select committees: Expenditure 
(Trade and Industry sub-com- 
mittee). Subject: Prevention of 
collisions and strandings of 
noxious cargoes. Witnesses: 
Department of Trade, Foreign 
Office (10.30 atn. Room 16 i. 
COMPANY RESULTS 

Final dividends: Laurence 


Scott; Stock Conversion and 
Investment Trust Interim 
dividends: Glllett Brothers 

Discount : Pratt (F.) Engineering 
Corporation; Vosper. 

COMPANY MEETINGS 
Austin tE.), Winchester House, 
E.C.. 12. British and Common- 
wealth Shipping. 14-28, St. Mary 
Axe. E.C.. 12. Caledonia Invest- 
ments. 2-4, SL Mary Axe, E.C., 
S. Coalite and Chemical Products. 
Savoy Hotel. W.C., 12. Continental 
and Industrial Trust 120, 
Cbeapside, E.C., 3. Dc La Rue, 
Cafe Royal, W., 1L30. Dunhill 
(A). 68. Regent Street. W„ 12. 


This announcement appears as a matter of record only. 


Energy Services and Electronics, 
J00. Old Broad Sirvet. E.C.. 12 
Monks Investment. Trust. Great 
Eastern Hotel. E.C.. Hl.15. Mount- 
vien Estates, Russell Hotel, )V\C., 
12. New Throgmorton Trust. 25, 
Milk Street. E.C., 12.30. Ocean 
Wilsons, 100, Old Broad Street. 
EC.. 12. Powell Duffrvn, 
Dorchester Hotel. V.. 12. 

RediffUsion. Connaught Rooms. 
W.C.. 12.15. Samuel (H.i. 

Birmingham. 12. Slaielcy 
Industries, 76. Shoe Lane. E.v'.., 
12. Sp filers. 0. Little Trinity Lane. 
E.C.. 12. 600 Group, Grusvenor 

Hotel, S.W.. 11.30. 

CITY FESTIVAL 
Haydn’s " The Creation ’* by 
Academy and Chorus of St. 
MarLin-m-llie-Kields. at SL Paul's 
Cathedral, 7.3D p.n>. 


July 11, 1978 


¥ 30 , 0 (^) 0,000 

THE FEDERATIVE REPUBLIC OF BRAZIL 

(BRAZIL) 

6.5% Yen Bonds of The Federative Republic of Brazil 

Series No. 4 (1978) 

Due 1988 


Effective 


insurance 

From Mr. A. Covey 

Sir, — I write with reference to 
your Insurance correspondent's 
article “But whose agent is the 
broker?” (July 3). Your cor- 
respondent was reporting on the 
case of Stockton v. Mason and 
unless I am mistaken, R seems to 
me that all parties to that action, 
including the Judge, and your 
correspondent have overlooked 
section 205 of the Road Traffic 
Act I960. This states that “a 
policy of insurance shall be of 
□o effect . . . until there is 
delivered by the insurer — to the 
insured— ... a certificate of 
insurance in the prescribed form 
and containing such particulars 
of any conditions ...” 

It would thus seem clear to me 
that, unfortunately, neither the 
broker nor the insurer would be 
liable. Of course, the insurer 
would ultimately pick up some 
liability by virtue of the Motor 
Insurers Bureau. 

In practice, when a client rings 
from a car showroom to say he 
has purchased a new vehicle, 
brokers and/or insurers will 
frequently issue the cover note 
but it is in their possession, and 
therefore technically when the 
client leaves the showroom in the 
car, he is still not insured— no 
doubt the law's reasoning being 
precisely to avoid the situation 
of the previously mentioned 
litigation because the client 
should check that there have 
been no mistakes or special 
restrictions made to his cover 
before driving oh the road. 

Allan M. Covey. 

142, Crichleuood Broadway, NW2. 


The Nomura Securities Co., Ltd. 


Daftva Securities Co* Ltd. The Nikko Securities Co., Ltd. Yamaichl Securities Company, 

Umited 


The Nippon Kangyo Kakumaru Securities Co M Ltd. 


New Japan Securities Co., Ltd. 


Sanyo Securities Co., Ltd. Wako Securities Co., Ltd. Merrill Lynch Securities Company 

Tokyo Branch 

Okasan Securities Co., Ltd. Osakaya Securities Co., Ltd. Yamatane Securities Co., Ltd. 
Loeb Rhoades Securities Corporation Dai-icbi Securities Co., Ltd. Koa Securities Co., Ltd. 

Tokyo Branch 

Marnsan Securities Co., Ltd. Toyo Securities Co., Ltd. Yachiyo Securities Co., Ltd. 
The Kaisei Securities Co., Ltd. Koyauagi Securities Co., Ltd. Nichiei Securities Co., Ltd. 
Tokyo Securities Co., Ltd. Tbe Chiyoda Securities Co^ Ltd. Hinode Securities Co., Ltd. 
Ichiyoshi Securities Co., Ltd. Kosei Securities Co., Ltd. Marumau Securities Co., Ltd. 
Meiko Securities Co., Ltd. Mito Securities Co., Ltd. The National Securities Co., Ltd. 
The Toko Securities Co., Ltd. Towa Securities Co., Ltd. 

Banco do Brasil S.A. Deutsche Bank Aktiengesellschaft Dillon, Read Overseas Corporation 
The First Boston Corporation Salomon Brothers 


> 





HIGHLIGHTS 


NatWest down marginally to 
£108.6m in first six months 


AFTER crediting a £i5m reduc- 
tion in provision against advances 
arainst nil. profits before tax of 
National Westminster Bank fell 
marginally to £J05.5Sm in the first 
half or 197*. from £10!1.9am in the 
same period last year. 

. The directors say that while 
There were increases in Lhe level 
of business overall, profit per- 
formance has been relatively 
subdued, due mainly to pressure 
on margins. 

They say the charge for pro- 
vision against advances is based 
generally on the average experi- 
ence of the previous four years 
plus an estimate for the current 
year. The resulting provision on 
this basis is considered to be 
more Ilian is currently required 
and accordingly. Horn has been 
rccrediied tn profits. 

Basic earnings per £1 share are 
shown at 22.72p l22.44p) and 
2l.filp (22.44p) fully diluted. The 
net interim dividend is raised 
from o jfiop to 5.682p — last year's 
tmal was 1 1. 48770 p and was paid 
nn record pre-tax profits of 
£227..iSm. 

Cost of the ini erim goes up 



The Los coluinn takes a look at the figures from National -w- x 

Westminster Bank today where the £15m redaction in the I 1 I T§1- Pj 
provision against advances left pre-tax profits at —108. 6m. XilvlV M- 

Taylor Woodrow is marginally ahead, though it is finding it 
difficult to replace Middle East contracts. So the picture is 

one of failing profits and rising sales. ^ewhere. & ^ar against in. 49m boosted pretax 

Life's figures come under the eye of appraisal ana flavys profits of Davy international to a 

figures are a bit disappointing. Meantime Howard Machinery s rPL . Dn j C5.29m for the March 31 

profits are down, even on last year's poor results, meantime, 137s year compared with £is.7Sm 

Howard* Tenens is well on the way to a full recovery with last time. . 

jrofits «£ £0^1. McCarthy's has topped market expectations 

and Grindlays shows an improvement thanks mainly to the ^ cller had not severely* adverse 

*1 rather than being drawn back strength of business in the Far East and Latin America. trading conditions affected profits 

from a fund accumulated earlier, j rom Germany and the group's 

1 “We should be able to make some foundries, 

further reduction at the year end," # — >1 He slates that the group's 

he says. II fflfxrn XT fT’V’/WKfTl'l present order book is fllMbn and 

The trading surplus was » OD13.ll DUOWaY SlU W ill P^ects are quite good L but the 
usual struck after -deducting pro- * ^ * * «/ O sluggish " or ] d e £" I ?° m v . 5 in. 

vision for bad and doubtful debts tinues, he says, to make tne \ ■ 

j calculated by reference to the . m -- 7 J • inz ,. of co ^ tr ff;ii-, I J? B rd *25 

s.— - at Taylor Woodrow SFiFiSSs 

1 “Since that fonnula results in ** w j|j continue to make good pro- 

a deduction greater than is now gress. 

required, we have, as in the TAXABLE PROFITS of Taylor per cent rise in taxable profit 59-75 mm 

second half of last year, brought Woodrow builder and civil en- from £l.95m 10 £2-34x0 for the year nvx> inm 

some back into profit and present gjneering' contractor marginally to March 31, 197S. Work done .nfi.t*4 ShA* 

indications are that we should be i mpraV Bd from £7 73m to JES.Mra Coach building sales showed Tnrnovr . .. s 3 **-* 

able to make some further reduc- f or the six months 10 June 30. little increase but the division A dd in crease worn in 

I tion at the year end. unless there 3975, For all the previous year, achieved a reasonable level of *^Sn£n« 39.70 

is an unforeseen change in our a record J22.42m was achieved. profitability and it holds a good Tax '- : ' u *-*2 

bad debt experience," the chair- r. g. Putticlc the chairman, order book, including a substan- Not prom ... . *;AfS “•’J? 

man says. says as always emphasised. results tial export content for the Far ^ l J' i n °/ din:ir> ’ crL ’ dlt "" tiki's «>»* 

He feels the second half would sh0u *d be judged over a number East. Mr. Walter Alexander, the $35*"’ ... '■ * ■"- 

show a comparable figure to that P*.*?* rather than over a short cha.nnan states reuuu* 


fin aitciai 9 Times Wednesday July 

Second half surge boosts J 
Inti, to record £25.3m 


Small midway growth 
at Taylor Woodrow 


n.ur. r.iA'.i 

25. JM J8.7S2 
13.314 hir . 

t _\v?n I»av> 

I.Ju 2 Rj 



(wire the level of two years agm 

Head VtrlshtBOU profits Wrr*' 
11.7m and lhe result is low com- 
pared wiih expectations, due ai- 
mn^t entirely in their found r jpg 
with losses of £343,900. The 
Herbert .Morris profit of £2.7m 
was only a link short of expect* 
nous, he adds. 

The continued growth in flium- 
cl;d st reran h of the company hu 
been particularly marked in lb* 
past 12 months., Sir John states. 
There was an increase of £Um 
in shareholders 4 interest from 
Ji47.4m to £fi0.4m, achieved mainly 
by retained earnings of UOm. 
This level iff retention , has been 
achieved nlihough the company 
has continued to provide for de- 
ferred tax in full and this addi- 
tional source of funds has in- 
creased by » further Xftn. 

The company had also main- 
tained its progressive programme 
nf investment in plant ana build- 
ings. and expenditure under this 
heading together with the cost 


■ ' |. lhll r.uckk-v chairman of ° r -‘•evcral . small but imporr.int 

acquisitions, amounted to UUm. 

^ expected to continue. LS! RJSWlJf * «* 


form illnst rating the effect 


t.iquidity continues to be ex- 
tremely strong, he adds, 

Balance sheet shows total net 


»£ uTS: uRldfm SfiTwSSSK here* “g^p bud«I S mdic.e that for s^Tan.-oncr Wjta. of .he ««"■ > -j* J SSSSS « fit S 

On the National of North STu^t Tf Si »= WM SSSS^ Mu*iSi W 5B SSSSTV^V? S actintia, of h OT oo 

America proposals, iilr. Leigh- current market conditions. and this trend is confirmed by jjjvSend total is stepped up lo that profits of Dui> ^^International 

Pemberton says negotiation of the Turnover for the period was profits for the first three months. n 055p rg^spi net with a final Limited ucrc 1-l.Om are onginrerim. 

.contract has been proceeding as tn . - nmnini r,nH sub- The ehairman is. therefore, hope- l *7 nr.nmscd an increase of l-»4 per cent oicr for oil. chemicals, petrochemicals. 


increase of wJ per cent over tor oil. cnem 
previous year ami more than plastics; otc. 


nn record pre-tax profits of .contract has been proceeding —m ^ to: company and sub- The chairman is. therefore, hope- „iwS2nt of 7 423 p Mso proposed an increase of 13.4 per cent over for oil. cht-mieahi. petrochraucals, 

£227..ifim. smoothly but is not yet complete sidles n 82m (£162m) and asso- ful of another satisfactory is a one-foV-ii'nt' scrip issue. lhe previous year and more than plastics; otc : 

, < -° s * " oc, f.. up ^Ir. Robert Leigh-Pemberton, As soon as it is. our formal c j a t es £iJm (£18m). Trading and increase in group profit. 

frnm £11. 00m to £I-.Som. Firsi- c h a i rmall s;iVS that the £lom ** , 5k*2j 0n l"? ffo ,he investment income advanced from Aftertax of £l.lfitn l£99S,198). _ • .. • • 

half lax charge is f.w.92ni . J. . " . , authorities, but it may be some nn ~]m to £12i3m. before depre- earnings per share for 1977-78 T t 4T _ -■ awst 

iMlttMmi low vine not profils at bem 2 added back was earned months before their decision can ci ati0 a of fiLMmffifsm 1 and a reached lWp ll^PI and the |-| tfYW'£IT"fl I W B SllflPl^ V COTS HILCiIITI 

InS-ILim compared with foOilni. during the half year just ended be expected.’ lower share of £351,000 (£516.000) net dividend is stepped up to 1 1 If T T £Lm. lJ. jLTXM.V'EIJLAIV^A ▼ UKliVlAAlI 

from associates. 4.83p f425p). The group’s 

WlrirTC plimflC i'l yfltl and fter minorities £4 ^f n ( £5^000 NightinSe ari^Co. br M ‘ J ' R ALTHOUGH SALES were bettor and it ha £ -S^Srn norLwn of^'pK K^wil^put 

i XbIbIII E iff B I BBIMS- C. 8 H 1 1 fl llV T, (£664.000> available profit rose The directors are continuing to a t £34.67m against £33.om. taxable Miliar}-. Tluw proportion 1 of its Town wi 11 put a Dig • stram on 1 ho 

^ VlUUk/kJ slightly from £3. 04m tn £3^5m. concentrate on strengthening and profits of Howard Machinery, the roiil;- is now innsnlidated js an fin.! I dividend 

Tbe net interim dividend is 2.0 lp developing existing businesses f arm equipment croup, fell by as.sociJlc and cnniparajwo fi„uroa in^, ‘s the Repressed world market 


WITH OVERSEAS ca mines. Excluding the exceptional profit Holdings show a healthy improve- (i 
especially in India and the Far mainly resulting from the sale of ment— thanks principally to the fi 
East, at its main subsidiary the bank’s interest in tbe strength of business for Grindlays 
Grindlays Bank showing an insurance underwriting business Bank in the Far East, and the 
encouraging increase. Grindlays of A. L. Sturge (Holdings). UK growing importance of its Latin 
Holdings expanded taxable profit operating profit continued to be American connection. Insofar as 
for the half-year to June SO, 1978. good. there were areas of difficulty — 

by £3.36m to £LS.98m. In view of the reduced margins profits of the money market and 

Tax for the six months took and longer terra loans being foreign exchange businesses were 
£3.0Bm t £7.37 m ) leaving earnings requested, new commitments for down on the “exceptional" 
per 25 p share ahead at 14.5p Eurocurrency business were at a figures produced in the first half 
1 12.2p j. The net interim dividend considerably lower level. The 0 £ last year, and while the figures 
is held at lp costing £340.000 money market and foreign from the shipping side were 
{same) but the directors say that exchange operations experienced positive, they showed tbe same 
con>id«?ration will be given to the difficult conditions, and profita- tfend — they did not prevent the 
appropriate total dividend for the bility did not reach the exception- bank’s UK divisions from likewise T] 
year when the full-time results ally high level of 1977. turning in “good” results at the s- 


co.i.-ed tn he a sub-, Ipswich and ‘"Washington New 
is proportion of its Town will put a big strain on the 
w consolidated as an final dividend but far more worry- 
i comparative figures ing is the depressed world market 


Alexander 
grows 20% 


ana ouuaings aunng me ----- - t . th _ directors con- 

months produced a surplus of *«™ a dvL«blc lo cJLSre ihc «* nal natur0 of 
about £2.5ra over book value. SfiS. business. 


£3n.4om. 


to contribute lo profits. UK Grlndlayi 
earnings again benefited from' tax now de 


Eurocurrency 


building 


Grindlays Bank, in which the reliefs available from earlier margins and long maturities are 



IP7T-7* 

Turnover 

.. . n -hi; (kvi 

Share awws. . . 

. .. :!6H.-^0 

Pre-tax profit .. .. 

a. 335.63! 

Tax 

Xct profit .. .. 

. . 1 191 ’A?. 

... 1.: 44.5*1 

To nuaonttei . ... 

UV3M 

Aft rl buiable 

.. i.n:s.o‘.7 

Dlvideods . .. . 

::nr. :U9 

Retained 

,. .. riB 70S 


_ funds for the time when the USU1 ^ 

1W Y' _ " market recovers and therefore. ^ comment 


their however, competition has now 
intensified while the going may 
well be tougher for Howard's low 
technology products, in less 
*ward developed countries when the 
n last coed times return. The shares 


croup holds 51 per cent and years. 

Citibank 49 per ceni. has declared grindlays holdings 
a maintained interim of £675.000 
of which the parent's share is 
again £344.230. p _j._ _. oni 

For the hanking group Lhe 

surplus for the first half advanced pn.iit 

21 per cent to £13.1 Ini c£15.7Sm> Tp rniiioriius 

before tax of JED. 13m < 1.7.66m ) for 

earnings per £1 share of 6l.4p Mt^StSSnm 

i-tl .lp). Potaim-d ... . 

The directors here also say they CR , HDLAY s bank 
will consider lhe appropriate Lolal 
dividend for Lhe year when the 


years. deterring the bank from taking 

crindlays holdings on much new business; and the 

Hair year same situation applies in ship- 
«niu m Pb*S- But in the context of the 

Pre-iu profit ia.f76 15.519 healthy expansion overeeas. that 

Tax . . s.fli-.t 7,5c(i does not matter much. For share- 

Ncr Drt.fi t 9.915 s.050 holders, the real significance in 

To rnuioriiits 4.»n 3.914 the half-time announcement lies 


available. pnwl 

In Africa, in spite of political Xc i orofii 
uncertainties in some areas, there To minorities 
was a steady improvement while isxiraord. cradiis .. 
in the Gulf, the profit contribution • • 

was similar lo last year. The *S -i 23“ wnd 

groups business with Latin- 

America continues to be or con- m r. nrnr nort+ 

sklcrablc importance, the directors w tommciu 


Hair 

year 

19ffl 

1977 

xnuu 

{040 

ia.976 

15.619 

B.flr.l 

7.309 

B.SIj 

S.OiO 

4.»n 

3.914 

4SI 

— 

5.427 

4. I'M 

.VO 

.7*7 

3.987 

3.796 

Hall 

year 

1978 

1977 

own 

zm 

14410 

15.7B2 

, f.ltt 

7.660 

9 978 

S.C2 

296 

66 

947 

— 

10.K29 

8.036 

K75 

673 

9.934 

7.381 


Rotaflex down 22% to 
£0.54m at midway 


31, 1377. a tnira party investment ann me owiimiij iw-ii w 7~ ~ ,. 

has reduced the holding in the immediate end to the problems. In per cent (covered less than on* . 
Brazilian company to 45.S per cent the eurrenl year closure costs at and a hair times). 

% 

. Better trend for Amal. Distilled 


estimates, The last payment was a final 


4.™ jj]vidlnd int ojire a it i £ Cr ^bJ 1 e ^ro S?| pr^s bSoretw^ of^ Botaflw rng “akeove^lnteriumei? is°now nia” now^bJ imre'difficHlMton o f neT^o?" 1 974-75* w^en 

^ vx sssss i ssss trom “ [u,ure - » ~ ~ - £“ss sa^a^wssr-sss 


IS orera U improvement 


^ihble f0r th ° ^ m °" lhS arC p- 1 iS St SSHf^hVe^lftida^ ^ taiPSTBSSel FryeAhe 

In Africa, in spite of political J» Brofil V * i'S IS deposit tabSSta^^bS ffiStelf^Sased 

uncertainties in some areas, there To minorities J96 m Grindlays still has some repair w tn hut ren- 

was a steady improvement white '* in 9 1? - work to do. At the moment how- J^^downturnin ' rea I terras 

t n ih, n..ir i v, r. Atinhutaiilr io.h^s 9.03S 5 , resentea a aowntum in real terms 


Higsons 
£4 .5m 


Sales rose by 35 per cent to show significant increases. Mr. two previous periods. 

£14. 13m and despite setbacks in J. L. Ingles, the chairman, states. tarr-Tg 

some divisions, operating profit As indicated in February^ no £ 

amounted to £566.586 (£423.512). dividend is lo be paid for 13i -7S - 

'Trading profit recovered sharply since the immediate priority re- ““ 

from £56.329 to £204.992. struck idams the rebuilding of the mterew wid 75 js.* 

after interest including £522! 19 group’s reserves. However, » the pre-ux w»flt 315.077 

(£23.353) 00 long-term loans to group’s performance continues to Tax crwiu «... - 


Historic 3.4 per cent wmen roe . h - w - lftrv lntPrtumen’s 

1 up’s business with Latin- shares yield at 12Sp is going to be PYTliinCinn aItcr interest including group s reserves, now ever, « uw riww mn 

terica continues to be or con- m rnrnmpn t covered well over 10 times. So interim dividend ! s C ^P illi ^ AUU (£23.353) on long-term loans to groups performance continues to Tax cr«m 

erablc importance, the directors •Comment there should be room for an oiiSSn an The directors of Hinsons finance " hisky ex P orts which in^rove lhe directors will give ^ p ™ hl lossr " 

First-half profits froth Criodlays Improvement in the payout, too. jV^’cStfSi IS have decided “ «« “** 100 <» ““ ***“ SlSSS T ho iWy 

H71 i 9 j ± f the $£* detail fnUroriSoI a^a IfJ f£ d o" d 5 n K/Sp nest interlin sl>p! ’ hc ‘ ayil • loss, t From one 

Wheeler s advances to peak £652,602 .he x ^ °‘\ — : 

^ f of Cl 3ZO rwi intAnriNn i«r trt iTtornocn hrmfinit U^Op. 


covered well over 10 times. So 
there should be room for an 


First-half pro tils from Grindlays improvement in the payout, too. 


The net interim dividend is r 

raised from 0.4723p to 0.5193P, an The directors of Higsons 

increase of 10 per cent and is in Brewery have decided to 

line with the statement made at modernise and expand the cora- 


tarr-Ts ws-rr 

t i 

16. I#.!** 13.ira.lffl 

3SK.W •w.183 
■1.41(0 I 4*1 
75SS* 11*0 143 

3U.B77 "iu.no 
- I.1.99B 

313,077 


lappraorlalH losses* 'jn.nrS 1 1 “l .'*13 
• Loss, t From ©nor periods. > Profit. 


- of £1 53m. . intention is to increase brewing U “°P- 

ON TIUNOVER of £5.2m against 23 Mp and the dividend total is crease in profits in the current The interim, absorbs £32.200 capacity to meet anticipated 

£4.35m previously, pre-tax profits lifted to 4.!)p c4.39pi with a final y ear - (£43200). Tax takes £M0.300 demand and to brew the com- Turnover .. 

nr Wheeler's Restaurants, oyster of , 27n net i, S(1 DPnno „ d a During the year the freeholds 1056,600) , leaving net profits at pany's own lager. ... 

ami fish restaurant owner, ad- t W o-for-13 scrip issue P were acquired of 19 Old Compton ^^oSJSQO (£333,500) and £206.000 The development will be in l\vn ’. . . &.219 

vanced from £52S.$07 to a record Street, the Braganza Restaurant (£290.300) is retained. parts; one wiU be the moderni- Esnk A oth( . r i^ns 309:173 

£652.61)2 for the a larch 31. J07R Mr - Bernard Walsh, the chair- at 56 Frith Street, and 17 Market Profitability was maintained satiou 0/ the brewery which will Traduw p«>flr 

vear \t halfivav profits had risen man ’ s3ys 11,31 wilh careful in- Street, Brighton. in the UK m the first half but take 2§ years starting from early Prior rear icmm 

from £253 730 ‘to £317 ">60 vestments in new restaurants and The chairman says that it is 'the deterioration of economic 1979. And there will be instaUa- Loa n Sto <* mu . .■■ 

prudent management of the com- the directors' intention to pursue activity in many countries abroad tion of the equipment to brew 

Earnings per 10p share are pany's existing business, directors the policy of acquiring the free- led to the lower profit,” the chair- the lager which will take a further Exuaont. debits 

shown 10 be up from lS.4!)p 10 hope to achieve a further in- holds of the company’s restaurants man mfs. 1J years. .Available , loss ....... 

— ■ — — ■ — ■ — l and properties, as and when they Trading in the main oversens The company will continue to Dividends — 

»—■■ —————— (become available. markets has been patchy so far produce what is commonly known . , ™ °7 credit." 


1977-TS 1976-77 

. Z Z 

. 14.US.3U ltf.5K.034 
566.3}* -0.112 

3S1.3M - 367.153 
53.219 33.153 


7iifc tinnowic email appears as a inaJler of record only. 

SINCLAIR GOLDSMITH 

Chartered Surveyors 

9/10 Fenchurcii Street, EC3 

acting on behalf of 

WESTDEUTSCHE 

LANDESBANK 

G1ROZENTRALE 

acquired the Freehold Site at 41/43 IVToorgate, 
London EC2 on which their new London 
Headquarters is being constructed. 

The building is due for completion in 1979 and ivill 
provide approximately 23.500 sq. ft. 



1977-78 

1976-77 


£ 

£ 

Turnover 

5.200.114 

4434562 

Trading profit 

.. 633.030 

328.733 

Associated co. loss 

428 

•72 

Pre-tax profit 

.... 652,602 

528.807 

UK taxt 

.... 348.773 

284.Q8S 

Curreni profits ... 

.... 332.203 

291.395 

Deferred lax 

.. ib.370 

77.312 

Net profit 

.... S03.S29 

ZM.TiA 

Minority Interest, . 

4.337 

4.378 

Extraord. debit . . 

.... — 

350.448 

Transfer; 

...a 

287.S40 

Making 

... 299.492 

207.747 

Brought forward .. 

.... 317.373 

434.745 

Transfer to*: 

.... 

2S7-S49 

Attrib. to Ord 

.... 617.063 

374.643 

Dividends 

63.700 

.17.070 

Leaving 

533,363 

3I74ffl 

* Profit * On SSAP 6 prior year lax 


man says. 11 years. .Available ( loss 3 s.ott kijk 

Trading in the main overseas The company will continue to Dividends <|8irco ib..j4a 

markets has been patchy so far produce what is commonly known l0 ?rvrfiV’"“- ‘ ‘ 

year. as real ale as well as lager. M^EUis GoodmaS, the chair- 

man, says the Scotch Whisky ex- 

1 ^ " 1 I port division produced a much 

IOOI I r ftiriifP I better profit performance al- 

ISSUE NEWS atrwTE 

year with Scotia Royale, Old Court 
and Fraser McDonald making sub- 

„ _ stan tial gains. 

Pref quote for Jenners sS-SFiSS 

IN A SIMILAR operation to built to its own order In the jj U ^ W iil help offset increaMiig 

Robinson Bros, last June stock- 1920s and there are other property costs in the current year, he adds, 

broker Gilbert Eliott has arranged interests within the company. Mr. Goodman reports that the 


ISSUE NEWS 

Pref quote for Jenners 


Fixed Deposits 
with Lombard 


If you have £5,000 or more to invest for a fixed 
period of 3 months or longer, telephone our 
Treasury Department on 01-6234111 or 
01-623 6744 for up-to-the-minute competitive 
interest rates. Interest is paid withput 
deduction of tax at source. 


Li 


Lombard 

North Central 


■Pro* ’On SSAPS prior year lax p ve a quo ted outlet for a family- shinoine returned to profit during the year 

controlled company retaining its ’^fiTSir report for the year and that if the current level of 
* profit and loss account. stake in the ordinary equity. ended January 3L 1978 the com- demand is maintained further : 


This acircrimenicnt is issued in complmnec with the requirement* 

of the Council of The Stock Exchange 4? 

JENNERS, PRINCES STREET, 
EDINBURGH LIMITED 

Placing of 300.720 10 per cent. Cumulative Preference Shares 
of £1 each at 96p per share 

Application has been made to the Council of The Stock Exchange for 
the 1.002.4UU 10 per cent. Cumulative Preference Shares of £1 each in the 
capital of the Company to be admitted to the Official List. 

Particulars are available in the Extel Statistical Service and copies 
may be obtained during usual business hours on any weekday (Saturdays 
excepted) up to and including 9th August 1978 from 


, Jenners, Princes Street, Edin- pany states that turnover had jp proBts should be 

burgh, has issued 1.002.400 new increased substantially during the ac iH?Y, . , . 

«> , 10 per cent cumulative preference year, largely because of the first .v, ^ or blend 

F0Il\StOW0 £l shares and 560.000 ordinary f u u year of six-day trading and 2? customers was 

i CUA31U YT C7 shares m Jenners very buoyant tourist trade. While “Z i!S S,^ r , k n e 

rr^„l r InnrArtf-A Tt is Proposed to place 30 per these factors could not be S™”, 5 I 

lank increase cent of the preference shares. No expected to recur this year the tSTSSSu Iw matul? whisk?«l 

, „ .. . new money is being raUed by the. move back to the company’s 

Turnover of Felixstowe Tank company. premises in Rose Street since ^? aitlin ® P el °* replacement cost 

Developments _ improved . from Particulars are published ’in November. 1977 should help to to Va1n^?n n ltock t ^veK° rr0WinRS 

I3&>,2Sl to £425.10i in the first connection with the placing of increase turnover in this year. <• However demand h« rceemlv 1 
six months of IjlTS and profits 300.720 preference shares by The first dividend on the increa^d and Dri^ are S- 

were £la2516 £1U -^ Kleinwort Benson at a price of preference shares will be payable If this trend As mafmmined "a 1 

before tax of £79,464 compared Mn each on Februarv 1 taro and \Tiii A 5 l. if ena ,s aiainiainea a 

win, £5S 025 „ „„_ re . or . ua lA„ L ano_ will much better profit performance i 

■ • The cor !? pa ^y c ^I ,es . „^n ^ 0un ^. t ?/ 1 - , 9p persbare. There- from these operations should be 

Earnings per share arc show-n business of a department store in after dividends v i be payable achieved in the current vear - the . 

at 7.34P [5.36 pi and the interim a prime location in Edinburgh on August 1 and Februarv leach cSman Stalls M 

dividend is again 2.5p which has for many years been year. ‘ While the sales and profit ner- 

"T?!!?..®/ Scotland’s leading retail ^Dealings start next Monday in formance of Robert Porter were 
’ """ "} the new preference shares. The much improved during the second 

The company also has a sub- opening price will probably be six months, continued problems 
,* stantial depository in Edinburgh around 9Gp to 97p each. following tbe installation of a 

the requirement* new CO mpuler resulted in a large 

ioe ^ -wr . rtfs w build-up of both debtors-and bank 

Yearlings ease to %% thKe p rolJ , em! 

TREET, iss^l TmhSJ-iS* We ?' S and 0Q ? ssex Cmm tF Council l£1m) wnsidered predem Ii^iatTI 

?' I 0631 a f u titonty yearling at 992 per cent, payable np July large provision against possible 

n — _ tn q^nir PoJIt 11 10 * P€r 20 - 1B ? 3 - a1 a margin of i per bad debts. Current trading has 

rFn J5 d ,nU Jar ’ they cent aboTe UZ 0 TI not been good and it is antici- 

■ » haled that the first half results 

rcL rsRegton a] will again be poor. Various alter- 

S{JS2 riStJS h i EDITH- natives to Robert Porter's future 

n - c-i ^! T, )« City of have been considered but no 


I dividend is again 2.5p 


Yearlings ease to 9|% 


waknRpM^ VJN -°i have been considered but no! 

Coundl W ■ TiSi^nL- Stock Exchange has granted conclusions i have been reached as 

Borough cS a listing for up to 1.437,000 new Vet-" says Mr Goodman 

Cariisle District rniin^u' ,9r^ shares oE EsUle Duties Invest- 0n Prospects, the chairman 
qflJS* rnent Trust says the improving trend In 

rniinr-il !^n?m P * 0ll «r V 3,1 tiiese shares are issued, Sl *otch whisky operations with an 

shirb niMtfS? rnnSS^ciSSSl^ L h ® T ?, wl issued share capital of ejected better group profit per- 
C °rr Cl (£0.25m), EDITH will become £17,760^78 in lofmance in the current year 
lt f n ® oroi J?b shares of 2jp each. should counteract any further dif- 

UO^m), London lhe new shares are being issued Acuities at Robert Porter. 

Havering (£lm) in consideration for the acquLsi- 

i£lml Sh H^rt n£?ri n + ty £ ounc ?! of a minority holding in an ... TT1 . 

/rn?2' \ i> rt District Council industrial company, made as a kHCOiII TTlHciC 

«^ 25 7rn- B ? r0 r} g !lr P iesl( 'l' Portfolio investment in the normal XllQ^S. 

neia f£0.om), DartfOrd Borough course of EDITH'S business x 

City of sheffie!d _ stays on 

recovery course 


Limited 

Bankers 

Treasury Dept., 31 Lombard SL, London EC3V 8BD. Telex: 884935. 


Has your Pension Fund ~ 
performance met your 
actuarial requirements? 

The investment return on your pension fund ir. a crucial 
factor in determining the real cost ot providing pencionc. 

If your pension fund is invented in an Exempt Unit 
Trust or an Insurance Company ivlan.igorl P^n-aon Fund 
or il you are advising clients in this are’j, the Lieitaid to 
making decisions and monitoring pctlormance is the 
Survey of Pooled Pension Funds. 

The Survey ■’.oiUauvi comprehonsiye per fort nance 
details of over 13'j to\-e.- erupt ULjuily.-h.-.ed inhirest, 
property nnd mi>cd funds und of olid lie mum nMrket 
Indices. Details ot each lutiiTs inveslmont poliry, 
charges and portfolio breakdown arc included m a 
sepal ,i!e ‘prof-ie* tor each 1'und. 

T I i s lo te X copy ' j! 1Ii« Sur «V.y r updated tu X’th June 
197S, is^iyiv: available ot «.t coctot ^uOlram. 

H.-tnii G'uiijrn PaiSnu'i-, 

CO Qiii’on Anne'c London, 5VVIH 9AW 01-539 0451 


]l vou .mi inv.’U.'d iaiIIi .i i-.-irniaica p-Miiian funrt, hLtrrr. Gr.*haiu 
pr-j.iilc^al-iilAr-m id ■ :.l-i .io- win-: li . .-mir* rfi'isoui u.vn hi.iJV; 
P—ioni vice wi f h ttidt cl iitml.ii pui>vi L >it ;unJv l-ii an up-to-dai-i and 
conw Jlciil bdi-ii, 


Gosport Borough Council is BROOKE TOOL 
raising £Q.75m by the issue of 1UUL 


Kieinwoit Benson Limited, 
20. Fenchurch Street, 
Loudon EC3P oDB. 

or 

78/80, Georse Street, 
Edinburgh EH2 3BU. 


Gilbert Eliott & Company, 
Salisbury House, 

London Wall, 

London EC2IVI 5SB. 



mil 1 ^ n ?S f n issUed at par ’ - £?° ke To ° 1 Engineering (Hold- Maintaining the recovery seen 
due on July -S, 1980. ings) announces that acceptances at halfime, Rosgfl! Holdings. 

. four-year bonds are being have been received In respect of taxable earnings of 1113,077 

issued at par by Eastbourne more than 95 per cent of the against a toss of £4t.SS0 in the 

Banff^nrl off ered by way second six months of the' year to 

?!nlSl d iSfc^ 2? lnet C °, UnCJ ] Gf nS shCs at *?P’ May 27, 197S. taking the full-time 

(£0^5m) with a coupon rate nf The new shares not taken up profit to £315.077. compared with 
}U* Pe ^£ B ? t ' dUC °" J u U , ly 21 ' b u ave hcen aold and 64Hlp per a deficit of £lS,8S0 P 

1982 while Gve-year variable rate share net premium will be Because of the current buoyant 

Borough o7wnlverhammo.fi flrST J' 3fr ? bu ^ d to Uuwc who received textile market, satisfying demand 

Borough of Wolverhampton l£lm) provisional allotment, on a high volume line, where 


BANQUEDE LTNDOCHINEETDE SUEZ 
US $40,000^)00 Floating Xtate Notes 1928-19® 

For the six months 
25th Jul* 1978 to 25th jannarR 1979 
the Notes will any an interest rate of 92M per annum and 
Coupon Amount of US $47.9166 
Lricd on tbe Luxembourg Stock Exchange 
By: Bankers Trust Company, London 

' EtfercKctAgau. X • 













“h. ; 


s* ’ 


»• M 
* 





•• jL‘ 

\- : - 


financial Times Wednesday July 26 1973 

Macarthys tops £3m on 
on 22% sales increase 


$5 


Ladbrokes aims 
for £31m 



to over £lm 
by Howard Tenens 


FROM Increased sales of £S0.4m 
trains: £73.U7m, proHts before tax 
of MacarLhjs Pharmaceuticals rose 
from £2.B5tn to £3. 10m in tbe year 
Sded April SO. 1978. 

. with first-half profits up from 
flfm to £1.47m on higher turn- 
over. the directors expected 
cfcond-half results to be oE the 
goos order as the first six months. 

They now say that since the 
start of the current year, business 
las increased satisfactorily 
throughout the group. 

Earnings per 20p share are 
risen at 28.1p against 20.4p and 
the final dividend is 2.88p making- 
s’ maximum permitted 4.3Sp com- 
pared with 3.93p previously. 

■External sales increased by 
some 22 per cent overall, in a 
period during which the rate of 
inflation in the prices of the pro- 
fleets handled has fallen to about 
to per cent over the year, the 
directors say. However, difficult 
trading conditions were ex- 
perienced in the pharmaceutical 
distribution activities. 

Year 

tt 77-78 1976-77 
I960 IBM 

pharrnamrt. mIct— 

Mami/a chains ......— 1.786 

Dt.'iribuilan 78.288 

SursfcaJ dUtrib 8,490 

TKlalHns — — 11.781 

Vrierinary 5,886 


U!\ 


oihfr« 
Internal 

T«Ul talcs 

jjaout- prciflz 
Dliirtbmlnn 
SnrEival 
Kdaltlnx 
’ YMPnnary 
1* rubers 


:.305 

59.194 

B.051 

V.1G8 

4.049 

411 

7*33 

73.M 

in 

2.477 

;id 

465 
232 
79 
3.574 
25 
329 
S70 
2450 
67S 
2.175 
27 


BOARD MEETINGS 

The following companies barn 
dates of Board nwednts to tta Sto« 
Exctuna?- Such race tinea are taoauy 
held far the purposes <rf conodcrlre 
dividends. Official indications ara not 
available whether dMdeads co wart w i are 
)mmn« m finals and the aoMlnstit* 
shown below are based mainly « »si 

“"“"' T0D .y 

I marl ms? Albino. Drayum War! Eutern 
Trust. General stoettoWers laves^nt 
Trust- GiUett Brothers .Discount, r. trail 
EngiiiMariB& Vosper. Y .,„ an , . 

Finis: Cantrwrar. Dlxor, . 

Scott, Mao Chester Corsw*. WEAHold- 
■ loss. RkkUL Somponar. Swcfc Converetmi 
ami invesnacnr Trust- 

FUTURE OATES 

Interims— a 

Ault and Wlborg — • A™ 1 " 

Colonial Securities Trust - J“w -p. 

Drayton Commercial In vestme nt W -i 
Drayton Premier Invest. Trusty. -» 

Eduibuisb American Assets Tst July 
Fira Scottish American Trust ... Ana. li 

Hoover **“■ “ 

JhOiW Debenture Core- -“*■ ? 

Sharpe nr. N.l ' 

VogeisUrdsbalt Metal ***■ ® 

woolworlh (F. W.j i*-A0X.lS 

Finals— . , 

Best and May — J 

Dixon’s Photographic - 

Gold Fields Property — Aug. w 

Cold Fields of South Africa 3 * 

Malaysia Rubber 3 .? 

New wrwaieiwand Gold ExphB. Auk. 10 
Waring and Gfllow — — • Ang - - 


covered- Better - thw -jarpecled 
margins in the second hy yp? 
the major pharmaceutical distri- 
bution division plus a profits i re- 
covery in the pharmaceutical 
manufacturing and surgical distri- 
bution sides are responsible tor 
the second-half buoyancy. . But 
trading prospects in. the current 
year are not too bright. Discount- 
ing within the distribution sector 
is becoming more widesprea d an d 
the majors are adopting aggres- 
sive sales strategies that could 
icad to a full-scale price war. But 
if margins hold, the shares are 
attractive, as there appears lo he 
scope for a dividend Increase 
when restrictions are eased. 

Small rise at 
U S. & General 

After tax of £179,000, against 
£188.000, revenue of the United 
States and General Trust Cor- 
poration rose slightly from 
£295.443 .to £301,912 for the first 
six months of 1978. Gross revenue 



v* 

' . It V 


361 

0.148 

*U% 

185 

3,431 

4 S3 

801 

374 

1IUK1 , 6 

■Mofctnv 4,n 5® 

Uwcalis nrriQis 56 

JttTUKwnrnt 89* 

Staff boiw* 

profit bdoro tax SAM 

Tsr FIB 

preference dividend 27 

Available to Ordinary 2JM 2-145 

nnl Inary dividend* - ^ 

HiMnC •- • ■ US 

extraordinary credit 54 

• Debit. 

,• comment 

Macarthys has produced a pre- 
tax profits increase when the mar- 
fket had been expecting a mar- 
ginal downturn. The City had 
been encouraged in its belief by 
a ’ hint from directors at the half- 
way mark that profits in the 
second half would be of the order 
of £i 47m. The actual figure is 
£171m. The share price jumped 
70 to 94p yesterday giving a p/e 
of 33 and a yield Of 7.S per cent 
from a dividend that is 6.4 times 

RTD profits improve as 
specialisation continues 

S£se to fir, 7.000 from £121^84 The benefits of reduction n 
in thn first half debt equity ratio, a saving in 

- alrninis p.r dill* 'o’ ft tonk “"Jf* to 

?re <nvcn as 6.3p against 5.9p but corporate filan wdl. of emmse. “ 
S directors are omitting an offset to some degrw mibe^rt 
ordinary dividend, compared with term by the loss of wntrtbiitton 
a single 0.«5p interim previously, to profits. .‘* h ^ e, - n a f l ^y, ar . 

* F r ie th’ V ° U mi PS p reference Sre Jf its pbn medlLn and 

?. f jjl e PF div(dend Kng term growth and steps are 

shares, have waned cm menu m complete this speejah- 

.'turnover Incrcjd from a.Ojm process over the next 

to fB.SSra. A fter tax of £185^1- l ie roa e y traor flinary loss of 

(£164,403) net £105 S07 arises from the off-setting 

from £136.716 to £140.76a. There * l r U3 a SW „ alised 5^ 0 f £105.000 
are also extraordinary 'oslies of ar - S]Q from a sur pius on the sale 
£105507 against £lla,3-4 pre- ^ £150000 of the group’s share- 
viously .. w holding" in Swan Ryan Inter- 

In line with the policy of which had a book value 

specialising in generators ana , £ 43 000 against -.£148.197 con- 
, elect ro piatitiu. agreement has been 5 „q uent on a subsidiary company 
[.reached for the disposal of the prope ^ write-down. 

'lirtup's lyre distribution company r ln gd^ition, extraordinary items 
Ireland. Robert Hcnnicks. to _ ffset include items arising from 
rourt Irish Holdings, for cash, Kj]e oJ Robin Rennicks being 
iA«4iiplction will take place as soon an asset Account -of £10,000, the 
tai possible. . probable cost of £30,000 for dis- 

‘V*nie total amount receivable, gating t he bill of exchange an4 
-^deluding tin- amount due by iciral . and other fees of some 
‘ Senrrieks (*• RTD on jp^n antl £io,000. There is also a provision 
current acrount. is £5ao,0iH). on , un i*eijeved icrminal tax losses 
the basis that, at the acquisition Qf £l o,6io. 

date, the net asset value of Ren- valuations were also commis 
nicks, iwfore deduction or the loan sioned a il properties and the 
ami current account, will be ^up-g Manchester electro.-plating 
. £5fi3,0fH). , . ,. a factory premises warranted a 

Payment will be made on the ] 0Wer ^ figure at present than its 
cnnipiption dale except for f ormcr professional valuation: an 
£153.01)0 of ths amount due by nouBt . of £148,167 has been 
Rennicks to RTD on included In extraordinary items as 

company loan and current account . unrealised deficit on re- 
which will be deferred tor pay- v a | uat j on j n excess of amounts 
ment for IS months from compie- . . . - n capital reserves and 
lion date and will be secured by deferret i tax relating to the 
a bill of exchange by previous valuation. 

InM'jnnent Bank nf Trading has continued success- 

Thc tmol not tangible assets Jn t j >Q Renera tor set and 

being disposed of and the j rr e nerai electro-plating acnvities, 

before tax attributable to the rir e direclors ^y. The early pre- 
cnmpuiy will be quantified on „ tat | ve efforts in motor cycle 

completion but r ™r i ?}Jij ) m ! ? ct c ^ q eTs distribution have limited, to some 
lent figures' were XJkOoO net aa*ts *j,e set-back arising from 

ai February 28. 167S «dW« Sf^l lapse of the UK motor 
prmit before tax for 1977-78. industry. The electro-platmg 

The proceeds wW J* l, “ d f ° of texturising machinery, a market 

S>ior importance, continues 

rise substantially each summer, poor. 


was down at £509,481. against 
£521,395. 

An interim dividend of 1.75p 
(l.Kp) net has already been paid 
— for ail 1977 payments totalled 
5.94p from 585,269 net revenue. 

At the- half-year, net asset value 
is shown at 262p (243p) per 25p 
share. 

Y. J. Lovell 
just ahead 
at halfway 

ANNOUNCING A marginal in- 
‘crease in pre-tax profit from 
£711,000 to £717,000 for the six 
months to March 31, 1978, the 
directors of Y. J. Lovell (Hold- 
ings). the construction and timber 
group, say that with the second 
half usually more profitable and 
an present showing they expect 
to achieve a satisfactory profit for 
the year as a whole. 

Profi.t for the whole of the 
2976-77 year was a record £1.7Zm. 

The interim dividend Is main- 
tained at 1.5p net per 25p share 
— last year's final was 2.39 p. 

The directors report that, 
despite few signs of improvement 
in the fortunes of the construc- 
tion industty generally those 
companies of the group con- 
cerned with construction and 
related activities h&ve achieved 
considerably better results in 
aggregate than previously. 

As anticipated, however, the 
timber group has not fared so 
well and, like other importers, 
has had to contend with falling 
margins in a highly competitive 
situation. 


BY DAVID' WRIGHT 


THERE IS a reasonable chance 
that Ladbrokes will achieve profits 
before tax of around £31m in the 
current year to December 31, 1978 
claims chairman, Mr. Cyril Stein. 
For 1979 he feels that profits in 
the region of £25m look possible 
not allowing for the profits from 
the casino activities. 

Giving a breakdown on the 
profits projection Mr. Stein said 

yesterday the holiday, hotels and 
property interest would -earn- 
about OOm in 1978. bolstered by 
the Leisure and General acquisi- 
tion. while by 1979 earnings from 
these divisions would be around 
£15m with the retail and credit 
side producing £10m. 

Commenting on the recommen- 
dations of the Royal Commission 
on Gambling for the casino sector 
Mr. Stein claimed many of _ the 
suggestions were impossibilities. 
Moreover the proposals for the 
casino tax were " nonsense,” since 
it was nearly impossible to deter- 
mine exactly what was the drop 
(money exchange for chips). 

The Commission had been in- 
fluenced by the trend in profits 
from casinos in 1976 and 1977. He 
expected profits from the industry 
to be more or less the same in 
197S although Ladbrokes would 
perform a little better. 

Mr. Stein believed some increase 
in the duty would be made. “ We 
think the increase will be 
reasonable enough to allow the 
operators to absorb it" 

The company also intended to 
expand the lottery activities, 
where in a full year profits in the 
region of £}m would be achieved. 

GENERAL CONSUL 

General Consolidated Invest- 
ment Trust announces that the 


latest date for repayment of 
USJ1.025,WK> of its foreign 
currency borrowings, due for 
repayment as to 3525,000 on July 
25, 1978 and as to $500,000 ■ on 
January - 31, 1981, has been 

extended to July 31, 1982. 


Wilson 
Walton 
at £0.88m 


Based on unaudited manage- 
ment accounts and subject to 
various, matters, pre-tax profit of 
Wilson T Walton. Engineering 
amounted to £880,000, on turnover 
of ns ami for 1977. 

The directors report that the 
amounts ‘finally payable on two 
major contracts which were 
completed during 1977 are under 
active negotiations— total value of 
these contracts is estimated at 
nOfim of which £7.7m has bees 

received. 

As these may have a material 
'bearing on the 1977 figures, the 
directors have decided to delay 

g ublication of the preliminary 
gures and reports and a counts 
to allow further progress to be 
made. 

The directors have taken the 
present stage of negotiations on 
these contracts into account when 
arriving at the 1977 profit and 
turnover figures. 

For all. 1976. taxable profit of 
£772,000, on £10.39m turnover was 
reported. 


WITH TURNOVER ahead at 
£5L19m against £43J7m, Howard 
Tenens Services announces a turn- 
round from a deficit of £571,000 
to a pre-tax profit of £l.Q2m for 
the year to March 31, 197$. 

At half-way, when announcing 
profits of £504,000 (£345,000 loss), 
the directors said they were con- 
fident that the group's recovery 
would be consolidated during the 
second half. 

They now state that the overall 
financial position of the group has 
improved and a major restructing 
of borrowings has been achieved 
through the negotiations of a 
medium-term loan of £4m with 
Barclays Bank. 

If the group is not affected by 
events beyond its control. It is 
possible that the current year will 
yield a further useful increase in 
profitability, the directors add. 

Attributable profit for the year 
emerged at £430,000 (£485,000 
loss) after a tax charge of £485,000 
(£271.000 credit), exchange losses, 
minorities, and an extraordinary 
debit last time of £111,000. 

A final dividend of 1.0792p 
raises the total net payment from 
L7D4p to 1.9022p per 25 share. 

As indicated in the 1976-77 re- 
port and accounts, the Board has 
considered the provisions of ED19 
relating to deferred tax and as 
a result, deferred tax of £1.2m 
relating to revaluations of proper- 
ties has been released to reserves. 
Shareholders' funds now stand at 

£7-9m ‘ IKT-TS 1876-77 

two 1000 

Turnover ...... 51JS6 4S.365 

Share of assoc, profit-.. Tgl 

ProBt before tax - 1W •»! 

Tax charge 

Exduuwe losses » ** 

Extra onl. debit — ■*“ 

TO minorities J* . ° 

Attributable profit . — 436 *485 

■toss, t Credit 

Mr. John Swanborough, the 
chairman, describes the results 


as the first stage of a three-year 
recovery programme ior 1110 
group. . . 

Over the current trading period, 
he says the main profits increase 
will come from the engineering 
Interests. These contributed 
£250,000 to the 1977-78 results 
and the group aims to double tho 
figure this year. 

Interim results for the current 
year will have to carry redun 


press by Autoprime and the pack- 
ing company. In the current year 
Willenhall should make further 
progress if the automobue 
industry continues its upward 
trend while a new contract with 
Chrysler will improve margins m 
the engine rc -conditioning activity. 
The shares yield 9.2 per cent at 
32p while the p/e is SA 


dancy costs totalling some 
£200,000 at the groups willenhall 
plant but an improvement is still 
being sought 

The mam objectives for the 
future, according to the chairman, 
are to increase penetration In the 

motor industry in Europe and the 
development of storage and ser- 
vices on an. International basis. 

“Over the next few years the 
main growth will come from de- 
veloping the motor business on a 
European basis rather than the 
UK alone,** states Mr. Swan- 
boroush. 

• comment 

Howaird Tenens is well on the v«iy 
to a full recovery with profits 
£0.35m below the 1973-74 peak of 
£l.37m. The gap might have been 
even closer had ii not been for 
labour . disputes at Massey- 
Ferguson and BL in addition to 
parts scheduling problems at Ford, 
which resulted in the cabs and 
press metal activities of Willenhall 
only breaking even for the year. 
Nevertheless, this is still an 
improvement and a volume rise 
of around 15 per cent in the 
engine re-conditioning company 
helped turn round engineering’s 
contribution from a loss of £0.2tini 
to a profit of £025m. However, the 
bulk of the business is still storage 
and distribution (86 per cent of 
profits) and here the recovery is 
being helped by the new Allegro 
contract to transport knock-down 


Glass & 
Metal 


DESPITE INDUSTRIAL dispute* 
at one of its plants, which 
adversely affected profits, Glass 
and Metal Holdings lifted pre-tax 
profits from £428.382 to £4i4,LA 
for the six months to April 30, 
1W78, on turnover of £3$4m 
against £2.99m. 

Directors say the disputes have 
now been satisfactorily resolved 
and they arc hopeful that results 
for the full year will refle« a 
continuation of the growth shown 
over the past few years. For the 
whole of the 1976-77 year profits 
advanced from £0£ln to a peak 
£1.05m. 

Tax for the six months took 
£24«543 { £222. 7601 leaving a net 
profit up from £205.622 to £227.578. 
Minorities' interest was £2.054 
(£5.012) leaving an attributable 
balance of £225.524 compared 
with £200,010. Earnings per lOp 
share are shown as 5.7p (5.1p). 

SHARE STAKES .. 

Royal Insurance — The Kuwait 
Investment Office acquired on 
July 13, 197S 50,0 w) shares, making 
at that dale a total interest of 
7,560.000 (3.03 per cent). 

Oxley Priming Group — Mr. M. 
Lewis, chairman, sold 12.653 
ordinary shares at 6Gp. 


dividends announced 

of 


Current 

payment 

Mris Tin “ 

RTD 

l!u« uni tenens 

Winder’s Rest 

Davy Inti I’S 

\V alter Alexander 4 »o 

Amain. Distilled 0^ 

Grind ln« s Hldgs. ?"}■ ‘ 

Taylor Woodrow inj- — 1,1 

Rut ail ex !. 

Nat. Westminster int. 

Y. J. Lovell 

Machlncry ...int. 


0.52 

5.6S 

1.5 

0.55 


payment 
Sept. 4 

Sept. 1 


Sept. 21 

Oct. 2 
Oct, 2 
Oct. 10 

Oct. 2 
Sept. 29 


Cor re- Total 
•iponding foe 


div. year 


Nil 

0.97 

2.93 

6.6 

4.25 

0.25 

2.93 

1 

1.9S 

0.47 

5.17 

1j 

L05 


Nil 

1.9 

4.9 
11.08 
4.S5 
0.75 
4.58 


Howard Machinery ...int. 0.3P not °^ pt where otherwise 
Dividends show n pence per . >hare not ex R ^ t 0n 


Total 

last 

year 

13 

0.65 

1.7 

439 

9-85 

4.25 

035 

3.93 

2.75 

7.6 

I. 59 

II. 49 
3.89 
233 

stated 

capital 




BAKERS STORES 

Results for the half-year to 1st ApriU 1978 

« Trading profit - increase of 80 %" 

.. ■# uislf-vear 


Turnover 
Trading Profit 
Interest Receivable 
Profit before Taxation 
Earnings per share 


Half-year 

1977 

£ 1 . 311.933 

£ 113.375 

£23.014 

£ 136.389 

2 JBp 


Half-year 
1978 

£14*58,249 
£ 204,097 
£ 14.700 
£ 218.797 
3S0p 

earning) H vl — 

11 Trading ■„ .to ~o„d 

r,: , -.o a rr. , -toT - — 

financial year." - 

BAKERS HOUSEHOLD STORES (LEEDS) LIMITED 


Scottish & Newcastle 
Breweries Limited 



Major progress in 



Extracts from the statement hy the 
Chairman j Peter Balfour. 

The main advances during the year have 
been two. First, we have achieved much 
progress in re-equipping the Company. _ 
Second, we have made a good start to major 
reorganisation which I believe will lead to 
faster progress and increased profits. 

beermakketing ' .... 

Volume sales of ale and lager combined fell 
by 4 per cent. In Scotland, where McEwan's • 
Lager is doing particularly well, we 
increased both volume and market share. 
Elsewhere, the stoppage at Newcastle m 
November resulted in not only a loss of sales, 
but also a switch by some customers to other 
suppliers. 

The retention and increase of 
our market share remains a 
primary objective. As a 
result of our capital 
expenditure we now 
have the distribution 
organisation and the 
production resources to 
‘fulfil this aim. 

McEwan’s Export is a growing brand, 
Tartan Bitter is the leading ale in the market, 
McEwan's Lager is now in general _ 
distribution, while Harp brands remain the 
mainstay of our lager portfolio. With these 
and our Newcastle brands we shall slowly 
but surely regain and increase our national 
trade. 




REORGANISATION 

A major feature of the year has been the 
start of the reorganisation of the Company . 
into separate business enterprises. 'Die 
principal change has been the creation of a 
Group Executive headed by the Chief 
Executive, Mr. Robert King, responsible to 
the Board for the day-to-day running of the 
Company. A number of new agency _ _ 
companies covering our various activities 
have been created, of which Scottish & 
Newcastle Beer Company is the most 
important. We are satisfied with the 
progress so far achieved, but the full benefits 
will not be felt for another eighteen months to 
two years. 

MANAGED PUBLIC HOUSES 
Managed Public Houses, now called 
Scottish & Newcastle Inns, have had a good 
year. New marketing initiatives have been 
developed and new control systems installed. 

HOTELS 

Our hotels chain has more 
than doubled its profit 
during the year. 

On July 6, we 
'announced the 
purchase of the 
Lowndes and 
Cadogan hotels in 
London. New 
marketing 
methods, and 
more effective 
management, 
are starting to 
pay off and we 
expect a further profit 
advance during the current year. 

WAVERLEY VINTNERS 

Steady progress has been made both at 
hoine and abr oad by our wine and spirit 
company. 

CAPITAL EXPENDITURE 
Last year I stated that we expected to 
spend £40 million during 1971-73 and a 
similar sum jin 1978-79. 


We have spent £45 million, including the 
purchase of the Kensington Palace Hotel, and. 
plans for the current year are on schedule. 




J RESULTS AT A' GLANCE 


Profit before taxation 

Earnings per share 

Ordinary dividend 
pershare 


1978 

£000 


1977 

£000 


35,378 -35,113 
lO.Op 9.3p 


GOLF ST CYPRIEN 

We announced on July 6 that agreement 
had been reached to sell Golf St Cyprien to a 
French company. We have written off our 
total investment as an extraordinary item in 
this year’s accounts. 

DEL MONTE KITCHENS 

Del Monte Kitchens has been sold to Ross 
Foods limited. Our cumulative losses having 
been written-off, a small surplus should arise. 

THE FUTURE 

We expect a further increase in profits 
from our Managed Houses and Hotels and 
from Waverley Vintners. We are confident of 
achieving further growth of ale and lager 
sales in Scotland. 

Several of our diversionary activities have 
been brought to an end so that management 
can concentrate on the essential tasks. A 
determined effort to improve productivity is 
in progress. 

I am confident that we are now putting the 
Company into a more competitive and 
efficient shape. 


I To : The Company Secretary, 

{ Scottish & Newcastle Breweries Limited, 

I Abbey Brewery, Holy rood Road, Edinburgh EH8 SYS 

I Please send me your Annual Report & Accounts? 

I for 1978. 

{ (BLOCK CAPITALS please) 


Name. 


Address. 



Financial Times Wednesday 4uly 28 1978 

§ NO BID FROM WERELtiHAyfi 



MINING NEWS 


BIDS AND DEALS 


Anglo heading for a 
golden year 


Ultramar negotiating to 
buy Shell offshoot 


English Property 
talks founder 




BY JOHN BRENNAN. PROPERTY CORRESPONDENT 


lap 

lot 


BY KENNETH MARSTON, MINING EDITOR 


BY RAY DAFTER. ENERGY CORRESPONDENT 


year was responsible for the economy. 


have recently extended until July! J'* r - Campbell Nelson, 


Investment Review Agency. 


English Property Corporation's Star executives before the hid 
Board met yesterday morning to about their "diraprotntmont" with 
consider the latest of a series the shares* perfonnance and the 
of offers from the Dutch pro- msHbOay of manawrant changes 
nem group. NV Bclegginssmaat- In companies in yUA they hold 
tthapph Wereldbavo. It is under- investments, and .in which they 
SoS P that the latest offer would are disappointed about the 
Involved the sale of KPtts shares' performance, have helped 
overseas properties to the Dutch to stimulate sufficient questions 
group, which has been backed in about the eontinuinff direction ef 
me negotiations by the financial El’C tu unnen^.lhe market. 
MMnmc of one of Holland's But both EPl. and Eftgio star 


advanced, the weakening dollar wnr u market for steam coal con- 69 ner cent_ renneiy. guaramees. me casn «««"• uie nritiau t " 

“th? fficj? 5 " Tlle A™™ 1 ” .<j™ * “ ’■tony*'*™* su * p-s^cS^Uni 0 ’ niSSfm ?U and™ e^i ° m£keu. * ' Smiffl.Easto sSrSSarSS! jps * msk’^uis tofSS 

h “ & s-srs?«£2 Eksr wou)d sss^'sss^cfs^ « «*»-** *. w 
,r “feriTjrrj: ssru&Tae ■« ssmss rsiawaMs s « rvss? s — - « «? 
sss mjvslsk g feSa-aas s®s 2 mk ssa gHEfl res asm 

world production and that if the and diamonds m major JjJrtffJjLfES HwL volume of sales comparable to □ “even-rear S73m Eurodollar a day. Although the refinery can factory m form dwaedw^ than the management has got It 

International Monetary Fund 5®!SL not encouraging. There are no that of Ultramar in Extern ■ * f - monlhs ago. It was be comfortably operated at a a hah wrong.** when looking a t KPCs 

montUy auctions \verem be d™ factorSl . indications of a worthwhile Canada last year - some S3.000 J“ n * gj t S that the money throughput of 120.000 barrels a *s David Llewcllyu EPCs Met „„*£**;* 

Sntinued. “the market would be Meanwh de nui^g exploratjon incre^ In world c^mpoon so barrels a day. would b* used to repay shorter- day it has achieved a record rate g*n«gj to^the Tfial Perfonnance, which might 

2S3 aES SSg?r^§ MW “ .£a*eus« SJSA - — ax* ssr* - gaggi^ sSS-5 

®SS«r« Greenvale debt b&H shares jump on bid approach s^S-ase B®&S£?-i£ 

direct interests of the corporation In another desert area large, j 1 _l JU1HJJ If" !£ rC ‘ ,£~rfr3 e w-,1? ^rin?idv *Hi^ estimates " the group’s worth. Rut 

and its associated finance com- but low grade, uranium deposits rPCf tlPfllllPU k iLiC that balance Sheet did refocus 

panics was about R3.6bn (£2.14bn). are being examined in the Namlb 1 C5UJCUU1CU BY CHRISTINE MOIR turbed b> the latest move In this altcnlion on the groul >- s un - 

while the overall size of the Desert of Namibia (South Wert debt repayments of the strug- ppr^Bhires^lummerert 1 ^ to deniable residual problems, 

jrrtmp — the aggregate value of Africa) in co^uicnon with gllng Greenvaie nickel operation SHA5ES of Bourne and nollings- dating this valuation In the states that* the profit figure of §£p * the^ews ^ *** t0 EPC * 3 Blanco sheet confuses 
the administered companies and Minatom^ Onutanunmes and f Queensland which is jointly ^ShT the ^SIrSent store accniSits would add a further £95.213 for the year ended 37p on the news. Investna by the sheer .scale and 

the direct interests in non- Union Corporation. owned by Freeport Minerals and P o2 85o wSSdav to 2Q0r> I30p a share to the company’s February 2S. 107S was depressed air. UcweUyn would dismte the complexity of its holdings. A 

administered companies — was an The area is near Swakopraund Metals Exploration are to be toliowinB MonS»vvT statement net assets. At the 197S balance by exceptional expenditure of market s reaction as unrealistic. £702m property portfolio held in 
awesome Ro.6bn. where Rio Tinto-Zinc has its big rescheduled for the third time, that the comomr? mi cht “ soon " sheet date these were said to be £26,000 th3t year, including He said yesterday that it was, as the books mainly at October ifl77 

Taking the corporations direct Rosstng uranium mine; not far The necessary legislation is to be be involved in bid talks 126.7p. £13^33 relating to a directors* far as ho was concerned, valuation and at cost stand3 

Investments and the underlying away is the General Mining introduced next month by the , . 1 . yho Morgan Grenfell spokes- pension scheme. Corinthian “business as usual." now that the against total debts of EOTin. 

investments of the holding com- groups promising linger Hetn- Queensland Government which is w ^. e man ’said that the “property accepts the p/e ratio of 7.9 used discussions had been terminated. fHSm of which is repaynhle 

pames in which it is interested, rich uranium deposit. Anglo has guarantor to 27.5 per cent of merchant bank. Morgan Grenfell. development potential of the site by Foils but considers the ratio And he believes that the detailed within five years. The revenue 

the major investment income also made a copper-lead-zinc dis- Greenvale’s borrowings end explained that the early qis- raust ^ gomerhin* that- a bidder should be applied to profits before studies involved in the review of account is less complex, but, from 

sources in 1977-78 were: diamonds covery in southern Namibia stan d s to lose about A$70m closure had been made because wou ]d have to bear in mind.” exceptional expenditure. This the group's £702m property port- a shareholder’s point' or view. 

32 per cent: gold 30 per cent; in- which is “of d articular interest." (f 41.7m) jf the mine closes. activity in the snares, The has recently been would imply a price of 90p per folio have served at least to con- more depressing. In 1977 the 

d us trial 17 per cent; coal 8 per Mineral wealth would, it seems. - Mir „ njl1 ^ which there u only a narrow e vtensive!v refitted. share instead of the 70p per share fjrm the S9p fully diluted net gr^n reported a £9.3m nre-tnx 

cent: and finance S per cent In greatly brighten the prospects of The Stele ™ market The Bourne family *^197? the directors and family offered. miset v-aluc per share Shown in &£ feure exchiScd a 

terms of investment value, gold Namibia given a reasonable ‘?} fc s 0 a fiJSfK'rtXfSSiSS c 00 ^ 01 * 70 of the equity. reiected a bid of 75p as On an asset basis, Corinthian the group's 1977 balance sheet— a £20 -tin transfer ^of interest on 

came first at 43 per cent; diamonds measure of goodwill between gat ienders to the project ^ spokesman for Morgan “ inadequate.” states that the offer values W. G. figure which falls to 65.5p if one development properties, leaving a 

19 pm- cent; industrial 17 per cent; future Government and ^ H e 4^o deSls of ?h? new Grenfell ^also said that "the ^ Frith at £367.000 whereas ^the net takes account of the i£3am write- S d!« aFTOli- teftia* 

and finance _ > percent., . _ . mining companies. He „ave no details of the pew meflTir -effectively" tangible assets amount to some down of properties advised by the n r rh.. fum'nr vonr'c 


On JanSS °i HSr Anglo placVdon uranium. Results from a reduction of supply” . Mr. Nelson raid that if the bid term ueoian^ 

American ^ en breed bv the the investigation of a secondary is successful CFWs name, manage- corporate purposes. 

^ cLio^i™ at uranium deposit in the north- 

smmv- ,0 have Greenvaie debt b & H shares iump on bid approach 

direct interests of the corporation In another desert area larRe, ~ ^ AX IttlVO jump rr* 

and its associated finance com- but low grade, uranium deposits rPCPrl AflII IPfl 

panies was about R3.6bn (£2.14bn). are being examined in the Namlb 1 tovUvilUW/U BY CHRISTINE MOIR 

while the overall size of the Desert of Namibia (South West debt repayments of the strug- 

^roup _ the aggregate value of Africa) in ^conjunction with ^ Greenvaie nickel operation SHAUES of Bourne and nollinas- dating this valuation 

the administered companies and Mmatome. Onutanunmes and 3 nwnsland which is iointlv ,V.a j . c in» o«>nimf« would add 3 


fe\t 


BY CHRISTINE MOIR 


The principal administered 

investment companies are: Anglo 

American Gold Investment, Anglo Tncnll*(lf inn’c 
American Investment Trust (dia- JilSpii ullUll 3- 
moods'. Anglo American Indust- 

rial Corporation and Anglo nfilT-WilV 1/jCC 
American Coal Corporation. Des- Mlall rf aj 11/33 

pile an improved gold price-it A L0SS for the second quarter 


illUU'*' 

Alii/ 


The key to the group is its 

nFRAT T PAYMFNT Oxford Street store which is held 
de.kaj-,1 rAiraniTt on a long ]ease (80 vears ^ 


uuynL v,onnmian nuiuing* , c n suggestion max mere nas oeen a in snarenoiaers tunas, 

to the group is its written to fellow; shareholders of discount of 16 per wnt. Gonnuiian ^ between him, the rest of his An aggressive disposals pro- 
ft store which is held W. G. Frith criticising the tenns states that uie calculation of Mr. ^oard, and Eagle Star. As Eagle gramme, and a continued revrv.nl 


V\ te i “„ P r J„ n d t S? J n P awwi A L0SS for the xcon ^ quarter bUKALl 1”A I fllHil I on a lonfi ]ease (g0 years on wh,ch Fnth Foils is offering S. H. MOT. the independent holds 273 cent of EPCs of investment interest in the pro- 

r? cix- 70^1^107^ of * 101m (JE524.0TO) is reported Beralt Tin and Wolfram intends remaining) from the Berners to buy them out. Corinthian is director of W. G. Fnth who b ordilsary shares, 27.2 per cent of perty market could make historic 

of 5i4«. i- in i»/7 Amgoias by tbe U.S. Inspiration Consoli- to declare a dividend in December Estate. In addition the company asking Frith Foils to offer a recommending the offer to snare- he __ up » s jo per cent conver- views of EPC's performance lonk 

bSfSe U dMdends C Daid bv y the dated Copper ’, ThU ? ake , s .?i2 ss f £ r payment ] )efo , re ^ e end owns a hostel and a multi-storey higher price and. if Foils refuses. holde |l- r ^ 0 !^ v T '^_ t t ^ ; ® corinthiM tible^an stock, and 90 per cent excessively cautious. Mr. 

wm SS-irSrt hv for ^ P ast s “ mon 4} s g^" the year A distribution of car park dose to the store it will not accept m respect of ^ Pro^rty revajuation. Connthian Qf |u rtiarcs. any such Llewellyn believes that this will 

gfij-r SfcSJ in ccm ? ared w,tb f profit of S3 Jim approximately jr per share is The properties are in the books its 2 per cent stake. says rift would dearly create long- be the case. The market dearly 

higher working costs and in- ^ sa£ne period of last year, envisaged, as indicated in the a t £5m or so but they were valued Connthian objects to the price offer would be at a la per cent nroblems. Talk by Eagle has its doubts 

creased capital expenditure. chairman's statement a { £e pea k of the last bull market offered both on the basis of discount on net tangible assets. tcnn , Problems. fane oy c.agie nas its qouots. . ; — 

Ih^on^gpreSofSfsJmJ In?pSn th deliierS Sm iS^f It is announced that Portugal * pMSrtJ .ffSa ConsoU- earnings and asset value. It including the property revaluation, i 


Africa- Anamint reflected the copper at an average price of has given consent for tbe com- 
Wgh?r earnLngsof D^Sera; Sd 6351 cents per pound. DeUveries pan^s share of the EsWindivi- 
Amcoal enjoyed a 6S per cent rise in the first half of last year dend, declared by the 80.oo per 
in nrofits Ov-eralL Anglo's e^ti- amounted to 55.09m lb at an cent-owoed Portuguese operating 
!£ated group eSings fSr thflS average price of 70J1 cents. company from 1977 earoings. to 


Stenhouse moves into North America 


be remitted to the UK in six 


months to March 31 would be Mr. J. B. Kourkins, president of r , enl l te f !L Stenhouse Holdings yesterday with shareholders’ funds (exclud- ordinary capital of Albri ght will 

equal to some 178 cents per share tbe big copper producer, says that et iu al monthly instalments. announced two important develop- ing deferred tax of £148,000) of be approximately oO.o per cent, 

compared with 132 cents for the 12 although there has been a slight The first has been received and ments in its international £3.9m. v*irr* ct a vie cu t C 

months to December 3L 1976. decrease in stocks of copper over- Beralt has been permitted to con- insurance broking operations. In In rejecting the 124 Jp cash offer Kh U MAKla 3tLLb 

Looking to the current year to hanging the markets, prices re- vert the balance into sterling to Canada the group is to purchase from Birmingham last week the HOTEL TO VAUX 

next March, the higher bullion main at severely depressed levels be held in Portugal for remit- its first reinsurance broker in the directors said that it under- Reo Stakis. the Scottish leisure 

price is clearly going to boost and the U.S. copper producing tance in equal instalments from North American market. While in valued the strength and liquidity .^up has sold The Five Bridges 

income from the gold (and industry urgently needs relief August to December this year. France Stenhouse intends to tidy 0 f the balance sheet. Hotel’ only two months after 


STERLING 

INDUSTRIES 

LIMITED 


RESULTS FORTHE YEAR ENDED 3 1st MARCH 1978 


uranium) mines as the rising trend from the detrimental effects of Beralt were 52p yesterday. 


THE PENTLAND INVESTMENT TRUST LIMITED 

Six Months to 30th June. 1978 

A Member of the Association of /nvesnncni Trust Companies 
The Directors haw declared an Interim Dividend in respect* of the year to 3 1 st December. 1978 oT 
1-P 1 1977 0.875p) per Ordinary Share pa>abJe Jsi August, 1978. This is the Dividend forecast: the 
increase is to rcducr disparity. 


The unaudited figures for the six months to 30th June, 1978 are shown below together with the- 
comparable figures for the six months to 30th June, 1977. 


up its French operations through They also said that it did not buying it The Tyneside hotel has 
a merger of its French interests, reflect current prospects. In his been sold to Vaus Breweries for 
In the Canadian deal Stenhouse chairman's statement, however, £675 000 

is to purchase oD per cent of the y Ir . p. Crossland declined to make Reo Stakis bought The Five 

t P£° fi ‘ forecast on the basis that Bridges along with another hotel. 

Intermediaries of Toronto for an both the UK and the U.S. econo- Coylumbridge on May 1 for 

undisclosed cash consideration. mies were a state of un- £1 .225.000. The Five Bridges is a 
»^Sn h ove?a n nS?od o£ ye£s “F 3 * 11 ** He did say that he was modern hotel on Tyneside with 

au,elly co “ 5de,,t of ,uture - , 1,rdr “ o r and o i hcr faciii,i “- 

the three working directors of ^ ™ ^ A vie mo re. has 

UnlverMl. wjw remaii._ wtth^the EXPANSION AT «, m “t hStterlS 

Stakis received an offer for Five 
Bridges shortly after buying it 


Turnover 

Group Trading Profit after taxation 


>» 


30ih June, 

30th June, 

i 


1977 

1978 

•* 

f. Gross Income 

2. Net Revenue after all charges 

£671,993 

£697,114 

ll 

Y, 

including taxation 

3. Taxation charged in arriving at 

£36938 

£393,637 

11 

i| 

N’ct Rcrenue: 

(a) Overseas Tat 

£23.969 • 

£2W72 

• 1 

(b) Corporation Tax 

£68376 

£43,499 

I • 

(c) ImputedTax on Franked 



Inresunenl income 

£152,937 

£171,887 

■* 

4. Costof Dividends 


L 

(a! Preference 

£17.804 

£I7J804 

(hi Ordinary 

£152.622 

£261.638 


5. Eamings per Oidinan-25p share 

2.01 p 

2.15p 


6. Rate of Dividend per Ordinary 

r 

25p share 

0.875p 

I5p 


Universal, who remain with the 
company and are the only other 
shareholders. The purchase is to 
be made through Reed Stenhouse 


UNITECH 


Crewkerne Investments ltd.. Propor- 
tion of that Company's net profit 
attributable to die Company 


Extraordinary Items — net debit 


E^SSiHSS^tSSrSSl hi ,n fet m Br^Td^£ and* accepted, “in view rf* the 
Osier) the international insurance wtfi. excellence of this offer and the 

broking group quoted on the “!£*£«? fact that Stakis hotels are repre- 

SSSSL ^ock exchange in which M0 “ nted area." The deal 

Stenhouse has a 54 per cent ^ Pe: ^ SrS^chalrman of ? ean * t j? at , st *J 5 J* has effectively 
holding. w t UnSefihSd jSSrSJ tiSf he K ought Coylumbridge for £550.000. 

CnmmmHno nn thp tiurchas** . 11 . .. . a . Jesieroay inai ne *be enmnanv stntoe 


Preference Dividends 


Ordinary Dividends totalling 1283 Ip 
per share (1977: 1.15p per share) 


Earnings per Ordinary Share 


1978 

1977 

£ 

£ 

4,875,000 

4,178.000 

448JM0 

292,000 

: rwjwo 

>17,000 

(27,000) 

— 

19,600 

19.600 

256.6Z0 ' 

230,000 

2.71 Op 

1.91 7p 


5FLY 


Commenting on the purchase honed UrfTech and the company states. 

| uie group saTd yesierdty that it Gatehouse would make?firmi£ Meanwhile, Vaux Breweries com- , 
(would not make a matenal contri- ^ Q r 0 n ^ e h .^oJd make a foirnid- rented yesterday that it has! 


woura DUI U wuu,- .. combinatinn in thu navioa. mat n nas 

ES'tKSS SJSt A^SSSU’h&a. Mv, - a al 


yews, but that it would provide a u . 
platform for th, future dawlop- “ h , h “ h ? ! ?*2!. s ' "SSS 


£7.000 per room. 

The consideration is being satis- 


ffuuuiiu ™ uw .uiu.« processors which are heenmin® „ * consiueranon is oeing saos- 

ment of tbe group's remsurance rSSt in thf s fiew S *-*?. the ^ of 620.000 Vaux 

.°S 2 SSS? m ^ NOrth Mr. Cur P ry Mei 5 w?ife Brookes shares with a smaU 


The Annual General Meeting was held on 25th July. The Chairman’s 
Statement circulated with the Report and Accounts may be 
summarised as follows: — 


uiumub ^ * Mr. Curry. Meanwhile Brookes “ r ? ,,ujry s^res wim a small 

American markets. and Gatehouse has a leadingposi- b * lanci °5 ra £ h payment The | 

In France Stenhouse Reed tion and a distribution system. shares have been placed. 

Shaw is to merge its French sub- Brookes and Gatehouse made RKT TFYTTT 

sidiary company Bach and pre-tax profits of £204.000 on sales Robert Kitchen T^m- > n< i 

We Ira an Allaire et Flan Re SA of £1,508.000 in the vear ended Taylor ana Co. 

with Sodete Gene rale de Court- AugusTsT 1977. In^fhe nlS o? 

age D Assurances, the only months ended May 31. it made enable ft to aSl^comJSSril? 

French insurance broking com- profits of £179,000. The net anv 

pany listed on the Paris Bourse, tangible assets were £74ll22 a! rf TexJST^T^ offS^SntSS 
Stenhouse Reed Shaw already that date and exports accounted to r^afo one^ until fm?W 
holds a 35 per cent interest in for 65 per cent of sales. noti^ ^ 

Socle te Generale de Courtage, The consideration Af rsnn nnn . 

"1 c, ^%, ttK a !? reer =as“ Sd garner scotblair 

house Reed Shaw will own 4a.69 166,869 shares in Unitech Garner Scotblair has issued 1 

per cent of the enlarged share ’ 47,500 ordinary shares in connec- 

capital. tion witii the acquisition "of 

In the last financial year Bach THOS. WITTER Thomas Dunlop and Sons (Kfl- 

and Welman made around £dO.OOO , maraock), an old-established fell- 

profit on around £Lm brokerage, —r ff “?* shares of mongering business. Net assets 
while Societe Generale produced ™?°“ s Winer, the floor and 0 f Duni 0 p as at March 3L 1978. 
around £3. 5m in brokerage. The ''■ai ■covering manufacturer, have amounted to £56342. 
reorganisation is hoped to pro- . en placed amongst a number of- — -- — ■ ■ . , . 

duce a more viable operation as restitutions It was learnt yester- 
weU as provide stronger manage- °?7- , be shares were pre- 
merit controls. viously owned by Mlntrex bA. 

Total group profits from insur- , lct L arranged to have them 
ance broking earned by Sten- P‘ a ce d uj the market by stock- 
house Holdings In the last finan- brokers Jacobson Townsley. 
cial year were £S.6m. 

ALBRIGHT/TENNECO 

WESTON-EVANS As envisaged in tbe formal 

The report and accounts of 

Weston-Evans Group, the engin- aSSSSt d 91 S 

Eg** “ d b «"8 ?SS. onJutyI4. Te^o ^ 

« lven notice t0 <» nv ert £600,000 
♦ , Trns \ rev eal that 5" per cent loan 1986 of Albright 

at the last balance sheet date the aT ,d Wilson into 1,600,000 
company had some £1.6m in cash ordinary shares of 25p at a con- 

and snort term investments. version price of 37Jp per share. 

Total borrowings amount to Following the conversion, which 
£413,161 by way of ‘a U.S. bank will be completed on August 1, 
loan repayable by 1983, compared 1978, Tenneco’s interest in the 



1977 

7. Net Asset Value per Ordinary 25p share 

I49p 

»■ Including whole of dollar premium of 

14p 

J 

iHWR) 

8. Distribution of Investments 

Jo 

- Equities: United Kingdom 

^ 61.7 

• i United Slates 

28 2> 

i Canada 

2.5 

Australia 

1.6 

Europe 

2.0 

Total Equities 

9AJ 

:: Fixed Interest 

3.6 

Net Current Assets 

0.1 


100.0 


30th June, 
1978 

162p 

34p 

(52%) 


NOTES 

1 . The Net Asset Value has been calculated after allowing for the Interim Dividend and deducting prior 
charges at pur. 

2. No provision has been made for tax on Capital Gains. Taxable Capital Gains of approximately 
£ 1 26b J300 hare been node in tbe first six months. 

3. A loon facility of US S I M was taken out on 30th Match, 1978. At 30th June. 1978 $326,151 of this 
facility had been taken up. Interest is at Vi'r over prime on amount borrowed. 

EAST OF SCOTLAND INVESTMENT MANAGERS LIMITED, 

3 Afityn Place, Edinburgh EH2 4NQ. 


Y. I. LOVELL (HOLDINGS) LTD. 


INTERIM STATEMENT FOR HALF-YEAR TO 31 MARCH, 1978 


Record of trading profitability over last 16 years has been 
one of improvement, particularly over last 5 years. 


Policy of extending range of products manufactured and sold 
by Group with satisfactory added value content has been 
proved to be justified. 


- v -i V.j ., 


11 iv J » 


Ordinary dividend increased by permissible 10 per cent. 


It remains to be seen if level of performance in the year to 
31st March. 1978 can be maintained in the current year, but 
there is confidence in the continuing progress and prosperity 
of Sterling Industries. 


CHAIRMAN’S ADDITIONAL REM ARKS : 


The results of the first quarter of the current year indicate a 
similar pattern to that shown in-the second half of last' year. 


QUaf 


HOWARD MACHINERY LTD. 


GROUP RESULTS FOR THE HALF-YEAR 
ENDED 30TH APRIU 1978. 

(Unaudited) 6 months 


OPERATING PROFIT 
SHARE OF PROFITS AND (LOSSES) 
OF ASSOCIATED COMPANIES 


Construction & Related Activities 
Timber Group 


Less Inter-division sales 


Group Profit before taxation 


6 months to 31 .3.78 
Trading 
Turnover Profit 
£000 £000 

6 months to‘3 1.3.77 
Trading 
Turnover Profit 
£000 £000 

12 months do 30.9.77 
Trading 
Turnover Profit 
£000 £000 

25.762 

5)2 

21.470 

327 

45.688 

952 

4,799 

205 

4,709 

384 

9.788 

754 

30361 


26.179 


55,476 


270 


573 


1.365 


30,291 


25.606 


54.111 









717 


711 


1.706 


The Directors are pleased to report that, despite few signs of improvement in the fortunes 
of the Construction Industry generally, those companies of the Group concerned wirh construc- 
tion and related activities have achieved considerably better results in aggregate than previously. 
As anticipated, however, the timber group has not fared so well and, like other Importers, has 
had to contend with falling margins in a highly competitive situation. 

The combined results for the 'first half of the Company's financial year show a marginal increase 
in trading profits over the first half of last year. The second half, however, is usually more 
profitable for the Group than the first and on present showing the Board expects to achieve 

% satisfactory profit for the year as a whole. An Interim Dividend of 

j^p per share, payable on 2 October. 1978, to Ordinary Shareholders _ __ 

pn the register on 29 August. 1978, in respect of the year to H wn aB CB aH 
30 Septe mber * *9/8. is proposed. LIoW^ | i 


PROFIT BEFORE TAX 
Minority interests before tax 




Tokyo Pacific Holdings N.V. 

Tokyo Pacific Holdings (Seaboard) N.V, 


PROFIT BEFORE TAX ATTRIBUTABLE TO 
MEMBERS OF HOWARD MACHINERY LTD. 


Dividends on ordinary shares in 
respect of the years to; 


The Annual Report as of 30th June 1978 has been 
published and may be obtained from: 


Pierson, Hekfrfng A Pierson M.V. 
Herengrasht 214. Ama terd&m 


SaL Oppenhelm fr. & de. 

Unlar Sachsanhausen 4, S Kflfn 


31st October 1977 interim 
Final 

31st October 1978 Interim 


6 months 
April 1978 
£■000 

6 months . 
April 1977 
£'000 - 

34.670 

33.297 

269 


275 

018) 


014) 

151 

<S5) 


161 

(84) 

96 


77 . 

Date of 
Payment 

3 Nov. 1977 

1 April 1978 

2 Nov. 1978 

Amount 
per share 
(net) 
J.045p 
M88p 
0550p 

■Cost 

(net) 

£*000 

301 

341 

158 


National Westminster Bank Limited 
Stock Office Services, 

5lh floor. Drapers Gardens 
12 Throgmorton Avenue, 

London EC2P 2ES 


Trinkaus & Buffchardt 
Konlgsallee 17, DusseldorM 


N. M. Rothschild ft Sons Limited 
New Court. SL Swithin's Lane, 
London E.C.4 


Banquede Paris aides Pays-Bas 
3 rue d’Amin,Pari82 
Boulevard Emile Jacqmarn 162, 
Bruxelles 


Banque Rothschild 

21 RueLafflds. Paris 9 


Banque de Paris et des Pays-Sas 
pour le Grand-Duchft de Luxembourg 
10a Boulevard Royal. Luxembourg 


Merrifl Lynch Internationa] & Co. 
an European offices 


tnlemalioiia] Pacific Corporation 
Limned 

Royal Exchange Building 
56 Pitt Street, Sydney N.S.W. 2000 


NOTES 

!. To meet a marked world wide 

recession in the agricultural machinery 
market, the company is reducing its 
manufacturing facilities in the U.K. 
and overseas. Although confident in 
the long term outlook, the Board 
considers it advisable to conserve 
funds for tbe time when the market 
recovers. The interim dividend will 
therefore be reduced to OJ>50p net 
per share. This will be paid to 
shareholders on the register at 29th 
September, 1978. Including the' 
associated tax credit at 33% it will 
absorb £236.000 ( 1977— £456.000). 

2. Since 31st October, 1977. a third 
party investment has reduced the 


shareholding in the Brazilian company, 
to 45.6% and it has ceased to bo a 
subsidiary. This proportion of its 
resuta is now consolidated. as an 
associated company. The comparative 
figures have been adjusted accordingly. 
3. No tax charge Is. shown as this 
would be misleading .because 
certain subsidiaries make, tax losses - 
in the first half-year due to the >: 
seasonal nature of their business. 
For further information:-— 


^HOWARD 


■ Sproughton, Ipswich, Suffolk JP$ 3AE 
Telephone: Ipswich (0473) -48621-- 


p m 

j 







jfeapeiai' Times "Wednesday -Jffly 26 1978 


INTERNATIONAL ) IN \\( 1 \| .\NI) COMPANY \ FAYS' 


HORTH AMERICAN NEWS 


Japanese payments give 
Lockheed earnings a lift 


iY JOHN WYLES 

OCKHEED Aircraft Corporation 
fay reported substantially het- 
v than expected second quarter 
iraings, thanks to licensing 
(jnjents lrom Japan. 

Kawasaki Heavy Industries has 
ien h censed to manufacture 
ocjdieed’s P3 design of anti- 
ibmarine aircraft and initial 
lyments on the agreement 
lulled the U.S. company’s net 
Aiings to $X9.9m or $L3I a 
are compared to last year's 
cond quarter total of 513.4m or 
cents a share. Lockheed would 
jt disclose today how much had 
ten received from Kawasaki but 
i the basis of the 72 cents a 
ore originally expected this 
tarter by analysts, the boost to 
(roinga could have been around 
tan. 


Lockheed Is still struggling to 
overcome the effects of a. strike 
which baited production for 
nearly all of the last three 
months of last year, and a truer 
picture of its convalescence 
comes from the half year net 
earnings of 523.1m or SL47 a 
share compared with S25-5JH or 
91.72 in the first half of 1877. 
Sales this year were $LGbn com- 
pared with $1.67bn. 

In addition to the lingering 
effects of the strike, which were 
referred to by chairman and 
chief executive Mr. Boy A. 
Anderson, in a statement today, 
Lockheed’s earnings have also 
been affected by felling sales of 
its C 130 transport plane which 
has been produced at a~ lower 
rate in the second quarter than 


NEW YORK, July 25, 

it was la the same period last 
yrar. Moreover, the company is 
Phasing out production of its 
s 3A carrier based anti-suh- 
ffiarrae aircraft which is being 
superseded by the P3. 

Completion of the 53 and 
felling production of the TriStar 
Civil aircraft this year is 
expected to mean lower sales and 
earnings at Lockheed this year 
and next However a 8500m 
order for 12 of these aircraft 
from Pan American Airways has 
improved the prospects for the 
design whose production may 
reach break even point in 1980. 
Mr. Anderson said today that the 
TriStar programme had lost 
52G2m in the second quarter 
and S55.9m in the first half of 
the year. 


Textron forecasts record year 


BY OUR FINANCIAL STAFF 

ITH PROFITS up by a fifth 
the second quarter and by 
arly a third over the first half, 
perron feels confident of 
Moving “ a record year in sales 
id earnings in 1978.” 

The diversified group for- 
erly headed by Mr. William 
lUer, now chairman of the U.S. 
tderal Reserve Board, 
honoced second-quarter eam- 
gs of 941.2m, up by 20 per 
nt from the 934.3m recorded 
die same period of last year. 
On a per share basis, Textron 

Setback for 
Schlitz 

|jr Our Own Correspondent 

NEW YORK, July 25. 

IS SCHLITZ. the major brewer 
dch la passing through a 
Scult period, losing its market 
are and facing charges of 
Bgal payments, has reported 
decline in both sales and eam- 
is for the second quarter, corn- 
ered to the same period last 
"w. Sales dropped 7.6 per cent 
9324m, and earnings fell 
DO, 000 to 910.1m, equivalent to 
cents a share in both periods. 

Underlining the deterioration 
real terms, Schlitz said its 
ar shipments in the first six 
wths of this year were 10.4m 
rrels, compared to 11.9m in the 
st half of. last year. The 
ewer .announced last month 
at It was laying workers off at 
ch of its eight breweries. 

Hr. Jack McKeithan, Schlitz’s 
airman, said that cost reduc- 
n programmes had helped 
set lower sales volume and 
th marketing costs. 

RIEFLY 


earned 51.10 compared with 91 
cents, while sale s totalled 
5301.5m against 9723.8 m. 

Textron said it managed to 
boost sales in all four of its 
manufacturing groups, the 
largest advance coming from 
metal products. 

In three of its areas of activity 
— aerospace, consumer and metal 
products — earnings showed an 
increase. Results of the indus- 
trial division decreased, however, 
as did those os the creative 
capital side. 


H But with strength continuing 
In several sectors of the economy, 
Textron should have a record 
year in sales and earnings in 
1978,” the company said. 

At the halfway stage, Textron’s 
net profits were running 30 per 
cent ahead at $81m compared 
with 962.3m -a year ago on sales 
of 51.53bn against $1.4bn. Earn- 
ings per share emerged at S2J.6 
after SL66. 

Last year, the group reported 
net earnings of 93.65 per share 
on sales of $2.8bn. 


U.S. oil groups ahead 

BY OUR OWN CORRESPONDENT • NEW YORK, July 25. 

TWO MAJOR U.S. oil companies S4S.5m. equal to SL43 a share. 

have boosted earnings as a result * 38 -® m » or 5 Jr 3 ? a s ^ ar ®; 
. ■ “ with- revenues rising from 

fmnrSSS Sii« s P d ^ d S1.29bn to $lJ9bn. Main reasons 
improved P ices. f or the improvement the eom- 

Atlantic Richfield <Arco) paa y ujeloded higher 

reported net income of 3210.9m, rip man ri for petroleum products 
equal to $1.73 per share, up. 10 aT] ^ a return to normal coal 
per cent on last year, on revenues operations after the miners’ 
of $3.13bn. also up 10 per cent. s trike 

Like Exxon, Arco cited die j n marked contrast to the 
Alaskan start-up as a major American groups. Shell Canada 
factor behind the increase, wbere reported a drop in second 
production has now reached quarter earnings, from CS39.4m, 
200.000 barrels per day. Demand or 38 cents a share, to C$33.1m, 
and prices for petroleum and or 33 ‘ cents, agencies report 
chemical products also firmed up. Revenue was C$639m, against 
Ashland Oil’s income rose to C$563m. 

Firestone tyres recall threat 

BY OUR OWN CORRESPONDENT NEW YORK. July 25. 

FIRESTONE Tire and Rubber in 1975 indicated that the radial 
Company's battle to avert the may be liable to deteriorate after 
forced recall of up to 15m on a year or two in storage. This 
its “500" sTeel-belted radial'; 'may 'be Seized on by the National 
tyres may have received a Highway Traffic Safety Admlni- 

^The^ompany has confirmed an station as supporting its case 
Akron, Ohio, newspaper report for a recall of all the tyres in 
that tests carried out on the tyre use. 


Colonial 
Stores 
launches 
bid defence 

By Our Own Correspondent 
New York, July 25. 

COLONIAL STORES, the 
Atlanta-based grocery chain, 

has launched a possible 
delaying action against a 
$115n. takeover bid by Grand 
Union, part of Sir Janies Gold- 
smith’s Cavenham empire. 

Colonial has already 
rejected the $30 a share Md 
and has Sled lawsuits accusing 
Grand Union of breaching 
various securities laws. This is 
standard defence against an 
unwelcome takeover. But today 
Colonial set about exploiting 
the potential for delay ha the 
laws of Georgia and Virginia. 
Georgia, where Colonial Is 
based, and Virginia, where it 
Is incorporated, will be 
required to register Grand 
Union’s bid but Colonial has 
asked for bearings before the 
regulators of both states. 

Grand Union filed its offer 
with both stales on July 14 and 
hearings most take place 
within 26 days of the filing in 
Georgia and 40 days In Vir- 
ginia. It is not clear how soon 
after the hearings both states 
would deliver their verdicts, 
but they may well delay any 
further purchase of Colonial 
shares by Grand Union. The 
supermarket chain could not 
in any case obtain any more 
shares than the 100 it owns 
before August 29 tinder 
Federal Trade Commission 
guidelines which impose a 60- 
day pause after notification. 

A combination of Grand 
Union and Colonial Stores 
would create the eighth largest 
supermarket chain In the U.S. 

_ • Ar •* #" i 9 # 9 rr »* 


Overseas strength boosts 
Xerox in second quarter 


BY DAVID USCSJLE5 

AS A RESULT of ** outstanding 
growth ” by its operating com- 
panies outside the U5. as a 
major factor. Xerox Corporation 
to-day announced net income 
for the second quarter of. this 
year of 9127.7m, equivalent to 
91.59 a share, for an increase of 
12 per fcenL on last year’s 
81125m or $1.42 a share. Total 
operating revenues in the 
quarter were $l.47bn up 16 per 
cent' 

At the half-year stage, net 
earnings totalled 5233.3m or- 
82.90 a share, compared with 
$205.4m or 92-58 a share in the 
corresponding period of 1977. 
Half-year revenue amounted to 


$&S3bn against 92.471x0 pre« 
viously. 

According to a statement by 
Ur. Peter McCalough, the chair- 
man, and Mr. David Kearns, the 
president, second quarter growth 
in net income failed to keep 
pace with that of pre-tax profits 
because profits generated by 
operating companies outside the 
U.S. showed outstanding growth 
and “ our partners in these 
foreign operations received a 
larger portion of after-tax 
profits." 

Xerox said its pre-tax profit 
margin in the second quarter 
was 20 per cent, the same as in 
the 1977 period. 


NEW YORK, July 25. 

Revenues from worldwide 
rental and servicing were up 6 
per cent on the same period last 
year, while revenues from sales 
Of copiers and duplicators, sup- 
plies and a variety of other 
products were up 45 per cent, 
reflecting the company’s shift 
from leasing to selling equip- 
ment outright 

The comparative figures for 
1977 have been restated to 
include results of Simgart Asso- 
ciates acquired last year and to 
reflect the effect of Statement 13 
of the Financial Accounting 
Standards Board relating to 
capitalisation of certain leases 
in existence prior to 1977. 


Return to profit at Asarco 


BY OUR FINANCIAL STAFF 

The major U.S. base metals 
group Asarco returned to profit 
in the,- second quarter of the 
current fiscal year, after a loss 
of 929.5m for 1977 as a whole 
and a farther loss of Sll.lm for 
the first quarter of 1978. The 
company had net income for the 
second quarter of $2 .22m or 11 
cents a' share compared with 
514.89 or 56 cents a share for 
the corresponding period last 
year. 

Asarco attributed its return to 
profitability primarily to a small 
improvement in copper prices 
.and to a resumption of more 
normal operations at its coal 
mines and at the recycling plant 
of the -subsidiary Federated 
Metals. The final quarter of 
1977 and the first quarter of this 


year were seriously hit by long 
strikes at these facilities. 

Second quarter earnings also 
benefited from better demand 
for lead and a firm silver market, 
and the continuation of good 
earnings performance at the 
group's asbestos operations in 
Quebec. Additionally, the sale to 
Bendix of 3.8m new common 
shares at S23 a share allowed 
Asarco to reduce borrowings by 
S87.4m. 

Mr. Charles F. Barber, chair- 
man of Asarco, said that there 
have been indications recently 
of some strengthening in demand 
for copper and zinc, and a reduc- 
tion in the supply of these fwo 
metals entering world markets. 
The visible trends are encourag- 
ing, he added. 

Asarco’s sales revenues in the 


second quarter rose from 
5256.1m to S2S0.8m. The net loss 
for the first half was 88.91m or 
31 cents a share compared with 
net Income of S22.9m and earn- 
ings of 86 cents a share. Six 
months sales were $523.6m 
compared with $563. 9m. 

The group said the substan- 
tially lower prices which have 
prevailed this year for copper 
and zinc meant that while the 
physical sales volumes of these 
metals was higher, the prices re- 
ceived averaged over 6 cents a 
pound lower than last year. 

The lower prices, together 
with increased costs resulting 
from the Impact of government 
regulations and inflation, made 
the mining, smelting and refin- 
ing of zinc and coper unrenxim- 
erative. Asarco said. 


EUROBONDS 

Move on 
S. African 
borrowing 

By Francis Ghilts 

THE West German Central 
Capital Market Subcommittee is 
reliably understood to have 
agreed that all private place* 
meats and bonds for South 
African borrowers of morethan 
DM 20m should be agreed in 
advance and included in the 
monthly calendar of new issues, 
even when they are for two-or 
three-year operations. 

Until now, these operations, 
on account of their short 
maturity' (rarely more than 
three years when average 
maturities for other borrowers 
have been between five and ID 
years) have not been included in 
the calendar. Two reasons behind 
the new move are: first, the 
amounts of bonds and private 
placements for South African 
borrowers have increased lately, 
sometimes reaching DM 50m: 
second, the recent weakness of 
the market appears to have con- 
vinced bankers that all opera- 
tions of more than DM 20m, bo 
they for shorter maturities, 
should be referred to the Sub- 
committee to ensure a more 
steady- market. 

In the Deutsche Mark sector 
prices were unchanged compared 
with Monday The DW 75m pri- 
vate placement for Oerter* 
reiebisebe Kontrollbank which 
has been arranged by Bayer i*che 
Vereinsbank carries a six-year 
maturity and a coupon of 52 per 
cent It was priced at 99;. 

Eurodollar bond priced were 
virtually unchanged in what 
dealers described as a very tech- 
nical market yesterday. The 
market was puzzled by what 
appeared to be contradictory 
events: the weakening of the 
dollar continues yet Federal 
Funds eased from Monday's level 
of ?6 to yesterday's opening level 
of 7l». 


J.S. Tobacco registers first-half advance 


ST easrnings of the tobacco 
A pet foods concent U-S. 
bacco Company for the first 
: months of the current fiscal 
ar advanced from $1.35 a 
are to 81.55, while the air 
import operator Western Air- 
ies jumped from 30 cents a 
are to 92.53 for the same 
nod. 

Also for the six months period, 
otbetic resin and chemicals 
top any Reichhold Chemicals 
vanccd from 88 cents to S1.03. 
Hthwest Bancorp bad earnings 
51.74 against $1.40, and 
irfolk and Western Railway 
wed up from 81.78 to 31.79. 
Farther advances for tbe first 
If were reported by the Jn- 
rance concern Safeco Corpora- 
m, up from $3.60 to $4.51, the 
brics, plastics and paper com- 
ity Albany International, 
» from $L54 to S1.7S, glass cod- 
tners manufacturer Brockway 
lass, up from $2.23 to $2.77, in- 
rance broker, Corroon and 
lack, ahead from 93 cents to 

I.S. QUARTERLIES 


$1.34, and shoe company Melville 
Corporation, with a rise from 84 
cents to 99 cents. 

Also reporting advances in 
earnings for the first six months 
were railway operator Missouri 
pacific Corporation, up from 
S3.SS to $4229, pharmaceuticals 
concern Schering-Plough, up 
from $1.63 to $1.94, Rowan Com- 
panies, currently the subject of a 
bid approach from Chicago 
Bridge and Iron, up from 53 
cents to 74 cents, Bumdy Cor- 
poration, electrical connectors 
manufacturer, ahead from $1.02 
to SIJO, Chroma Hoy American. 
Corporation, with a rise from 
SI. 33 to SI- 56, drugs retailer 
Skaggs Companies, up from 96 
cents to $1.20. and Vnleau 
Materials, the construction mate- 
rials, metals and chemicals 
company, up from $1.37 to $1-83- 

Dedines in earnings at the six 
months level were reported by 
glass and plastics manufacturer 
Libby-Owens Ford, down from 
$2.69 to $2.0$, utility Detroit 


, - CF INDUSTRIES 

re n d Quarter 19 W 

■"^avenue 216.23m 

et profits 10.29m 

- ' et per share... 1-18 

. IX HMW 

even ue 3BS.32m 

et profits 17.74m 

et per share... 2.03 


ORPEN 
vuad 0«w*w 

evenue 

et profits 

et per share... 

SIX MMMM 

evenue 

fet profits 

let per share— 

jon. m of yy 

tacawt Quarter 


1978 

1.02bn 

40.3m. 

129 

1-Wbn 

67.9m 

2.18 


tacarel Quarter VfJ* 

‘evenue . 68S.0m 

let profits 

Jet per share— 

Ste Hautka 

levenue — Lri 111 

fet profits 127-rin 

Jet per share. - 2.06 

5ASTERN AIRLINES ~ 


MERCK & CO 

1177 Second Quarter IVn 

S * 

181.55m Revenue 499.9m 

9.96m Net profits 83.2m 

L14 Net per share... 1-10 
Six Hon (he 

356.89m Revenue 955.8m 

17.99m Net profits 157.2ru 

2.07 Net per share. ■ . 2.0$ 

PEPSICO 

MT7 Second Quarter 197* 

S & 

9l5.0ra Revenue 9S9.7m 

3$.0in Net profits 57.3lm 

1.22 Net per share... 0.65 
Six Mantbc 

1.74bn Revenue l.Sbn 

64.4m Net profits 98.64m 

2.07 Net per share. .. 1-07 

~ PHIL LIPS PETROLEUM 
1977 Second Quarter WW 

J * 

6S2^m Revenue A£ 3 , b “ 

49.Sra Net profits 

0.81 Net per share... O- 90 

Six Month* 

1.47bn Revenue 

134.0m Net profits 303.3m 

2,1S Net per share... I tfl 

REVLON . 


NEW YORK, July 25. 

Edison, down from 98 cents to 
80 cents, Inspiration Consolidated 
Copper, down from a profit of 
65 cents to a loss of 93 cents, 
fabrics maker Cone Mills 
Corporation, down from $3.35 to 
$3.20, nuclear components com- 
pany Cdrtiss-Wright, down from 
*1.03 to 90 cents, and the utility 
Public Service of Indiana, with a 
fall from $1.76 to S1.41. 

For the second quarter, the 
building and chemicals company 
GAP Corporation moved ahead 
from 49 cents to 60 cents, while 
the medical and surgical supplies 
organisation Becton Dickinson 
advanced from $1.82 to $2.05. and 
the utility Florida Power and 
Light moved ahead from 24 cents 
to 57 cents. 

Declines at the second quarter 
level were reported by two 
utilities, Philadelphia Electric, 
down from 42 cents to 25 cents, 
and Pacific and Electric 

Company, which slipped from 76 
cents to 70 cents. 

Agencies 


SOUTHLAND CORPORATION 


MT7 Second Q Barter 
5 

436.4m Revenue 

77.8m Net profits 

0.78 Net per share- 

six Months 

S51.6m Revenue 

145.3m Net profits 

1.92 Net per share.. 


MIS WI7 
S 5 

. 777.3m 648.1m 
. 18.4Sm 15.14m 
0.94 0.75 

.. 1.43bn L38bn 
. 25JS3m 2133m 
1.32 Uo 


19TI 

S 

6S&2m 

49.Sra 

0.S1 

1.471)0 

134.0m 

2.18 


Smstmi Qwuter 

Revenue 

Vet profits ...... 

Vet per share... 

Six M Botha 

Revenue 

■Vet profits 

Not per share. ■■ 

1C industries 


1971 

s 

599.9m 

24.2m 

1.15 

l.JSbn 

43.7m 

2.06 


vn 

s 

49S.SM 

1.63m 

O.OS 

1.02 bn 
l$.5m 
0.93 


Second Quarter 

Revenue 

Net profits 

Net per share... 

SIM Months 


ISW 

5 

34S.Sm 

33.5m 

1.05 


SQUIBB COUP 

lV f? Sound Quarter M78 MOT 

Revenue 356.5m 322.5m 

4 nS Net profits 26.21m 25.16m 

0 &b Net per share... 0.58 0.56 

d ci v_ Sifc Months 

on Revenue 68fc23m 616J»m 

nS profits 45.43m 44.94m 

- - Net per share... 1.01 3.00 

TONKA CORPORATION 

1777 — — - , 

S Sccwtd Quarter . MW Mti 

AHS Revenue 25.29m 25.99m 

0S2 Net profits 587.000 823,000 

u,& Net per share... 0^8 0.53 

*j i7bn Sl * Wwh* 

2& Si Revenue 39.36m 3?.4m 

-'Tg Net loss L05m 194,000 

" WARNER-LAMBERT 

" jin _ S«*ud Quarter 1978 J977 


Argentina 

Australia 

Bahamas 

Bahrain 

Belgium 

Brazil 

Burundi 

Cameroon 

Canada 

Chad 

Congo 

Costa Rica 

Djibouti 

Egyp* 

France 

French Guiana 

Gabon 

Gambia 

Germany (Federal 
Republic of) 

Great Britain 
Greece 
Guadeloupe 
Haiti 

Hong Kong 

India 

Indonesia 

Iran 

Ireland 

Holy 

Ivory Coast 

Japan 

Kaiya 

Korea 

Lebanon 

Luxembourg 

Malaysia 

Martinique 

Mauritius 

Mexico 

Monaco 

Morocco 

Netherlands 

New Caledonia 

Nicaragua 

Nigeria 

Norway 

Panama 

Philippines 

Poland 

Portugal 

Reunion 

Rwanda 

Senegal 

Singapore 

Spain. 

Sweden 

Switzerland 

Thailand 

Togo 

Tunisia 

USSR 

USA 

Upper Voha 
Venezuela 
Yemen 
Zaire 


^VAV^VAViVAViViVtV^ViViViVAVAViVAVAVi 

An expanding 
worldwide role 


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Extracts from the 1977 Annual Report of Banque National© de Paris and the Statement by 
the Chairman, JVL Pierre Ledoux. 


In the midst of difficult conditions the 
French economy has recorded significant 
improvements In a number of important 
fields. Progress has been made towards 
checking inflation and achieving balance 
in externa! trade. 

While the situation today is. clearer in 
many respects, fundamental changes are 
taking place and we must realise clearly 
that a new world economic order is 
gradually coming into being. 

Newer countries with lower labour costs 
are extending their market share; these 
countries will prove increasingly serious 
competitors, but as their living standards 
rise they will also provide promising new 
marketsfor industrialised countries. 

The growth in activity In all sectors is 
seen from the results for the year and the 
role played by BNP, both in France and 
abroad, in helping companies to adapt to 
new economic conditions and to the 
demands of increasingly harsh competi- 
tion, has expanded throughout the year. 

Reorganisation in France. 

As a result of strict economic and monetary 
policy, deposits grew less rapidly than in 1976, 
apart from private customer deposits which 
increased by 16%. 

The total resources of BNP increased from 
F93.5 billionto F1 1 1.5 billion. Foreign currency 
deposits rose from FI .9 billion to F2.7 biliion. 

To derive -maximum benefit from its size and 
nation-wide network, BNP decided in 1973 to 
set up regional management boards. This large- 


scale reorganisation is now complete. Regional 
management boards have been set up in Paris, 
Strasbourg, Bordeaux, Nancy, Toulouse, Lille, 
Marseilles, Nantes and Lyons. 

The first results of the decentralisation confirm 
expectations: improved contact within each 
region,rapid decision-making, and better service 
to customers. Over 95% of company business 
and af! operations for individual customers are 
now dealt with directly at regional level. 

International Expansion 

Despite increased competition in the foreign 
trade sector BNP retained its leading position in 
the export creditfield. 

BNP maintained its outward-looking policy 
with regard to the rest of the world, strengthen- 
ing its position still further by opening new 
branches and representative offices in the 
following centres : 

Adelaide (Australia) Amsterdam (Netherlands) 
Bangkok (Thailand) Birmingham (UK.) 
Dusseldorf (West Germany) Edmonton (Canada) 
HoustonA New York (U.SA) BNP now has a 
network extending over 68 countries. 

Major Presence in Wbrld Capital Markets 

During 1977 BNP participated on a selective 
basis in. a considerable number of international 
syndicated loans. In the eurobond market BNP 
took part in 274 of the year's 294 international 
issues. Of these 44 were managed or co- 
managed with a total volume in excess of 
$2,500 million. This made BNP the twelfth 
ranking institution in the world for the manage- 
ment of international bond issues. 


Consolidated Results of the BNP Group for 1977 


Consolidated balance sheet total 
Total customer deposits 
Net consolidated profit 


I i l Banque Nahonale 

22 SS _ • ■ • 

mmw ■ 

mmmm wmmm m ■ 

Head Office, 16, Boulevard des HaBens, Paris 75009 r TeJ: 244-45-46 Tlx; 280 605 —2000 branches in France •* 

UJC.Sufa«feny 

Banque Nationalede Paris Limited . % 

^ - 8-13 King William Street, London EC4P 4HS. lei: .01 -626 5678 The 883472 •• 

•V.v.v.v.v.v.%%v.v.v.v.v.v.v.v.v.v.v.v.v.v.v.v.v.v.v.v.v.%**** 


1977 

1976 

Percentage 

Million F 

Million F 

increase 

255,320 

205,682 

24 

131,411 

. 109,684 

19.8 

406 

358 

13.4 


Revenue 

Net profits 

Net per share.** 

Six KtentiH 

Revenue 

. Net profits 

Net per share-. 


ivm 

s 

564.9m 

29.2m 

1.62 


1977 

S 

492-901 

24.1m 

1.3S 

fl2S.Sm 

35.6m 

2.15 


six Montes ■ 

Revenue 

Net profits 

Net per share... 

SHEARSON HAYDEN 
Room Qww 

Revenue 

Net profits 8-^J 

Net per share... 

Year n<ji *Jm 

Revenue 

Net profits 10-°™ 

Not per share..* 1,30 


IfTj Seeand Quarter 1978 J977 

s s > 

264-0 m Revenue 696.0m 632.4m. 

"25.3m ^Net profits 56.0m 5l.0m 

0.83 Net per share... 0.69 0.64 

Six Months 

505.5m Revenue ■■ \L34tra L21ho 

46.7m Net profits ...... 107-2m S8-5m 

1.53 Net per share... • L35 L24 

WHITE MOTOR 

im ~ Second Qnrur 1SJ8 1977 

5 . S S 

50.2m Revenue - 262.5m 342 An 

1,9m Net profits ...... 3.2m ugm 

0.44 Net per share... 0-37 0J9 

She Msmus 

189.6m Revenue ......... 544.0m 664.0m 

9.9m Net .profits 3.4m 2.7m 

225 Net per share... ' 0-36 0^7 


Hi* ••••• 

•re ifSff 

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Financial Times Wednesday July 26 IS 7 IT 



INTERNATIONAL FINANCIAL AND COMPANY NEWS 



Accelerating loss 
trend among major 


PROFIT SHARING IN HOLLAND ■ 5 

Proposals in need of refinement 


BY CHARLES BATCHELOR, IN AMSTERDAM 


Italian companies 


BY DOMINICK J. COYLE 


A REPRESENTATIVE sample of 
snore than 800 of Italy's top com- 
panies turned in collective losses 
of L2.576bo (around $3bn> last 
year, according to the latest 
annual corporate analysis by 
Mediobanca, released here today. 
This equals one-third of their 
total original share capital 

The results of the survey 
exceed by roughly Ll.OOObn 
(SI.2bn) the previous year’s 
cumulative losses. 

Gross turnover of the com- 
panies surveyed rose by more 
than Ll 1,000 bo in 1977, an 
increase of slightly more than 
17 per cent, but no advance in 
real terms after allowing for 
inflation. For the third year 
running total employment in the 
companies was lower — by close 
on 5 oer cent between 1975 and 
1977. 

Stop-go economic policy, the 
years 1974 and 1976 being rela- 
tive peaks against the troughs 
last year and in 1975. has made it 
difficult for companies to main- 
tain even a modest degree of 
self-financing. Moreover the 
prospects for the current year, 
given the present industrial 
recession, cannot be good. 


ROME, July 25. 

According to Mediobanca, this 
fluctuating trend of a “ see-saw " 
situation for the companies gives 
inevitably an essential lack of 
flexibility in corporate opera- 
tions. 

As the end of last year, accord- 
ing to Mediobanca, self-financing 
resources of .Italian companies 
were a mere _ ong-eighth of 
increased corporate indebted- 
ness. This pattern has persisted 
( sometimes vff tfi' : even greater 
extremes) since 1968, resulting in 
the present chronic debt ratio 
of most groups. ~ 

The crisis . is. .particularly 
marked in the chemicals sector, 
and Sig. Carlo Donat Cattin, the 
Industry Minister; is 'scheduled 
to have talks here tomorrow 
with the political parties support- 
ing the administration on his' 
salvage plans for the sector. 

Subject to all-party agreement 
tomorrow, the Government is 
expected to introduce emergency 
measures by decree law at a 
Cabinet meeting on Friday, pro- 
viding. io particular, for 
emergency funds and probably a 
new new interim supervisory 
management for the - most 

troubled- components of the 
sector, including Liquigas and 
SIR. 


THE MOST controversial piece 
of legislation in a country noted 
for its progressive social policies 
is tiie Dutch plan for wider 
profits sharing. The present 
centre-right coalition Government 
is going ahead with a modified 
version of a plan first put forward 
in 1975 by the then predomi- 
nantly left-wing ruling party. It 
could become law sometime m 
1979 and— as things stand— will 
be retroactive from January 1, 
1977. 

The proposals are being 
pushed through parliament 
against a background of growing 
criticism — from the unions for 
being too wishy-washy and not 
ere aming-off . enough of industry's 
surplus profits, and from man- 
agement for being an excessive 
burden in terms of both drain 


on cash-flow anfl additional 
administrative paper-work. 

The scheme, which is eff«t- 
ively a 24 per cent levy on profits 
after tax and a long UsT of 
allowable deductions is 
immensely complicated and, 
seemingly, a' fair way from being 
finalised as far as practical 
application is concerned. In the 
circumstances industry's com- 
plaints about additional paper- 
work may well stand up. But ai 
face value, and according to some 
admittedly “very rough esti- 
mates" from Tixe Social Affairs 
Ministry, the burden on earnings 
can only be described as modest- 

The ministry is presently 
attempting to produce a more 
accurate assessment of the likely 
impact of VAD (which is what 
the levy • is known as) 
present figurework suggests that 


for 1977 it would cost Industry 
slightly less than SlOOm. This 
would amount to around S50.000 
apiece for the 2,000 companies 
directly involved. 

VAD is to be levied in two 
parts. An individual levy will go 
directly to the employees of tne 
company concerned while a 
collective levy will go Into a 
common Trade union pooL But 
the whole scheme remains a maze 
of clauses and ceilings, and the 
collective part of the levy is still 
only an interim measure meant 
to last for a trial period of three 
years. 

VAD applies to all companies, 
includin g the subsidiaries of 
foreign firms, liable for corpora- 
tion tax in Holland, provided 
they make pre-tax profit of more 
than FL100.00Q ($45,000). It 


excludes local authority gas, 
water and electricity companies, 
the post office, the Dutch central 
bank and some other Govern- 
ment banking agencies, and 
harbour and airport authorities. 
The savings banks are also 
excluded as are investment com- 
panies which are seen simply as 
half-way bouses for funds which 
are taxed when declared by the 
investor. 

The allowable items are 
corporation tax, profits made and 
taxed abroad, and a return on 
the net assets of the company. 
This return amounts to the 
average yield of a package of 
long-term government bonds 
plus a 3 per cent “ risk 
premium.” 

Companies may further offset 
a sum resulting from the 
revolution of hidden reserves 


existing before the Introduction 
of the VAD Bill. These may be 
deducted over the next 10 years, 
■me aim is to avoid penalising 
companies for profits made in 
previous years. • 

Limits are built into the two 
parts of VAD. No employee will 
receive more than 3 per cent of 
taxable income in any 
which would be about Fl.1,500 
(S6S0) at present average levels 
of pay. The Collective part must 
not exceed 3 per <* n t co ®' 
nany*s fiscal profit. This is 
meant to protect companies with 
onlv small net assets. 

Conversely companies with 
very large assets would not ta 
practice be liable for VAD- This 
is clearly unsatisfactory to many 
people since the financial sector 
has been noticeably profitable in 
recent years. A “redoflnHlon" 


of assets Is being worked on 
which might lead, to these com- 
panies coming into the VAD 
scheme. 

The transfer of money from a 
company either in to workforce 
or to the collective fund may be 
made in the form of shares or 
in cash. The: part .going to in- 
dividual employees is frozen for 
seven ywa. The "collecfive pan 
will go into a fond managed bv 
a 20 - member committee with 12 
members Dominated hr the 
unions and eight . by. the govern, 
ment 

The government will also ap- 
point a representative with 
advisory -powers. The VAD fund 
is to bo used to Improve pension 
provision*: With the government 
reco auawdSa ff if should provide 
funds for' early retirement 
schemexi- r 


Dutch tighten disclosure rules 


BY CHARLES BATCHELOR 


AMSTERDAM, July 25. 


Societe Generate forecast 

BRUSSELS. July 25. 


EARNINGS of Societe Generate 
de Belgique in 197S will not be 
“ inferior” to 1977 in which year 
profits emerged at BFrs I.lSbn. 

The major Belgian bolding 
company said its Board, after 
reviewing the first half of this 
year, found that dividends due to 
the company from its portfolio 
holding which constitute a 
principal source of revenue were 
" slightly above ” those last year. 

Taking this and tbe probable 
development of other elements 


affecting income into account 
“ the results of the current busi- 
ness year should not be inferior 
to those of 1977.” The company 
did not state half-year earnings. 

Societe Generate de Belgique 
ranks as Belgium's largest hold- 
ing group with diversified; 
interests in steel, non-ferrous j 
metals, energy, engineering 
chemicals, banking, the insur- 
ance business, shipping and 
transport 
AP-DJ 


THE Amsterdam Stock Exchange 
Association is to lay down 
tougher disclosure standards for 
quoted companies aimed at 
speeding up the flow of more 
detailed information to share- 
holders and preventing privileged 
groups gaining early access to 
important facts. 

The exchange also hopes to 
throw more light on companies 
or individuals buying up major 
shareholdings. The exenange 
listed 249 Dutch and 292 foreign 
companies at the end of last year. 

In future companies must 
publish the main points con- 
tained in their annual report as 
soon as it has been approved by 
the supervisory board. The inten- 
tion is to prevent this infor- 
mation becoming kDown to a 
large. but still limited group of 
people before all shareholders 
have been informed. The pro- 
posed dividend payment should 
in any case be announced as soon 


as it is decided, the exchange 
said. 

One result of the new regula- 
tions is that it will no longer be 
necessary for companies to 
produce their annual report 
within four months of the end of 
th eir book year, although the 
exchange hopes most will 
continue to do so. They will also 
put a nend to hasty publication 
of provisional Information which 


in the past has often bad to be 
a men dad or even retracted at a 
later stage. 

The exchange also plans to 
require companies to draw up 
their accounts in accordance 
with the standards set by the 
International Accounting Stan- 
dards Committee in so far as 
these are accepted by the Dutch 
Institute of Registered Accoun- 
tants (XTVRA). 


BIC moving 
into pleasure 
craft sector 


Commerzbank progress 


BY GUY HAWTIN 


FRANKFURT. July 25. 


Swiss set terms for placing 


THE Swiss National Bank 
reports that the SwFr 450m loan 
from the Federal Government 
will be placed with commercial 
banks this week and will be over 
six months at an annual interest 
rate of 1.5 per cent 
A spokesman for the bank 
noted that the move, first 
mentioned as a possibility last 


ZURICH. July 25. 

week after the bank decided not 
to renew Sw Fr 345m in sterlisa- 
tion rescriptions, is intended to 
ease money market liquidity. 

He stressed that it is not a 
first step “towards establishing 
a more sophisticated money 
market ” here along the lines of 
tbe bank's proposals published 
earlier this month. 

Reuter 


By David Curry 

PARIS, July 25. 

THE FRENCH group Bic, known 
chiefly for' its throwaway 
ballpoint pens and lighters, is 
moving further into the frag- 
mented sector of pleasure craft 
It is calculated that some 130 
companies share an annual turn- 
over of about FFr 650m, and oitfy 
20 or so concerns manage - to 
achieve sales above the FFr 5m 
a year level. 

Baron Bich recently took 
control of the largest of them, 
Dufour, with sales of some 
FFr 75m a year. After two years 
of heavy losses, its latest finan- 
cial year ended in balance. 

Now the Baron. whose 
enthusiasm for boats led him 
to make an unsuccessful chal- 
lenge for the Americas Cup some 
years ago, has acquired 75 per 
cent of the capital of the plastic, 
boat builders Tabur Marine,! 
whose capital is being stepped 
up by FFr 5m to FFr ISra. The 
Baron was already a shareholder 
in the rubber, electrical, building 
and property group Tabur. . . 

The new head of Dufour, Mr. 


COMMERZBANK. West Ger- 
manv’s third largest commercial 
bank, has reported an increase 
in interest earnings during the 
first half of 197S. This is despite 
the fact that margins were below 
the average for tbe opening six 
months of last year. 

Tbe bank's interim report, 
published here today, attributed 
the improvement entirely to 
volume. A 3 per cent rise in 
business volume to DM 52.7bn 
($25.Sbn) from the strong second 
half figures of 1877 left 
Commerzbank a full 20 per cent 
higher than in the corresponding 
period of last year. Interest 
earnings, against JanuaiyJune 
1977, only managed a 18 per 
cent rise from DM 511.9m to 
DM 526.4m. 

As a result of the continued 
high level of liquidity in many 
industrial sectors, demand for 
short term credit grew very 
slowly, said the report In all 
it went up by 1.6 per cent On 
the other band, noticeably lively 
demand for long term credit, 


both from industry and the pub- 
lic authorities, look total 
advances to customers up to 
DM 25D6bn. This & 113 per 
cent above the level at the start 
of the year and some 24.6 per 
cent above the DSC ZO.llhn 
reported at the end of the first 
half of 1977. 

In all, long term advances to 
customersr-four years or more- 
stood at 21.8 per cent above the 
position at the beginning of the 
current . year, .rising from 
DM lO.Sffbn to DM 1324ba. Fur- 
thermore, at the half way mark 
this year it wa$ a full 44.5 per 
cent above the DM. S.lfibn total 
at the 9ame point -In 1977. 

Tbe bank points but that a 
strong contribution to- the busi- 
ness growth came frotn the over- 
seas branches and affiliates. 
Their volume showed an 11.8 per 
cent expansion Tate since the 
start of the year. With the open- 
ing of the bank’s Antwerp 
branch, it now has 12 "strong 
points ” in the ' European 
Economic Community. 


Vloc 


Pierre Prieux. is also taking over 
the running of Tabur Marine,] 
since it is felt that the relatively 
up-market products of the former 
are complemented by the more 


Wm syndicated loans 
and bond issues a wholesale 


$415m loan for Mexico 


BY FRANCIS GHIL£S AND JOHN EVANS 


popular range of the latter. 
Tabur sales are of the order of 


banking leader 
isamust 


Tabur sales are of the order of 
FFr 27m a year. 

Dufour is already destined to 
pass from Baron Bich's personal 
control to that of his Bic group 
in the context of the group's 
diversification. 

TSbur Marine has made con- 
sistent losses of some FFr 2m a 
year over the last few years, and 
M. Prieux is clearly expected to 
perform the same operation on 
this company as he did on 
Dufour. 


MEXICO’S Banco Nacional de These mark an improvement 
i Obras is raising S4l5m; the on the terms HB got on its last 
amount is split between a 5215m, loan, raised last December— 
10-year “dub deal” syndicated 5600m for seven years on a 
essentially among French banks spread of 1 per cent The lead 
led by Soci£t6 Generate, and manager of the new loan is 
S 200 m worth of export credits expected to be Dresdner Bank, 
which are being handled by Two other loans are currently 
Banque Rationale de Paris. being arranged: S30ra for seven 
; Other conditions of ' the BgHf 

ries no state guarantee, is being 


,v - InforHanlr- ries UU 6MIO KUdiaiTl.cc, » UMU^ 

jj!? Hf arranged by BankAmerica Inter- 
rate of 1 per cent for the first _ 0 *.|nnai Cmnn The borrower 



Elf- Aquitaine 

First half 1978 portfolio income 
of Ste Nationale Elf-Aquitaine 
ST is FFr 45m reports Reuter 
from Paris. This is not strictly 
comparable with the FFr 40m 
made in the same 1977 period. 
Parent company crude oil sales 
were FFr 189m against , 
FFr 218m. Tbe company said 
group turnover for 1978 should 
be above last year’s consolidated 
FFr 31.35bu. 


™ national Group. The borrower 
four years rising to lsper cent . ...... . enrand Af ii np*> ..ppt* 

with four years’ grace. The pro- and the 8 RraS^eriod is two and 
ceeds of these loans are ear- “J ' g?®* penott u wo ana 

SJ r MP?(>n r nlrdprprmff whirt Norsea Pipeline, a company 

S e h^np C h.inf d h?Fi^n^ W rf>m h operating in the North Sea and 
J|®‘ ng bullt by French com ' controlled by the Phillips Group, 

p r ♦ . , , * Is raising £30m through a group 

The International Investment of banks led by National West- 
Bank UlB) the Comecon ra j nster . Terms of this deal are 
development bank, is expected to undisclosed, 
come to the ®qrket shortly for just signed is a 575m 10-year 
a loan of around S500m. loan f or Philippines Airlines. 

The loan, for various Comecon The borrower, who has a state 
projects, should carry a 10 year guarantee, is paying a spread of 
maturity at spreads ranging 1 per cent throughout Lead 
between $ and } per cent over manager is Chase Manhattan 
interbank rates. Asia. 


Ilium 1 



BANCO 
DE MADRID 


ANNUAL SHAREHOLDERS* MEETING - 1977 (Held in Madrid, oil Jobs 19ft, 1978) 


Long-term capital investment government or Fixed interest domestic DM loans for long- 
state agency-backed jumbo loans, or other term capital investments. Euroloans in DM or 

large-scale financing call for a banking leader Dollars with appropriate currency options, 
with all the credentials and expertise that international straight bond issues, convertible 
guarantee a smooth, competitive functioning bonds or bonds with warrants, private place- 
of any major money raising operation. ments and equity financing including stock 

exchange listings - all are financing instru- 

• Proven lead and co-management capa- ments readily available to WestLB clients, 
bilrties 

• Experienced documentary knowhow WestLB, as a state-backed wholesale finano- 

• Complete access to all major capital ing institution is authorized to issue its own 

markets securities such as mortgage bonds, and other 

• Strong placement power debentures. It also has substantial deposits 

• Secondary market leadership from corporate clients and the 180 regional 

8 Extensive refinancing capacity banks for which it acts as clearing institution. 

Full international flexibility 


1977 Highlights 

VALUE ADDED 

56,4% increase over previous period. 
MARKET SHARE 

1 ,40% of the entire banking system. 
FOREIGN BUSINESS 
164% increase over last year's volume. 
Our Banking Group, as at 
Dacembef31st1977 


MISCELLANEOUS COMPARATIVE FACTS 

(Figures in Millions of Pesetas) 


BANCO CATALAN DE DESARR0LL0 (Spain) 

In Millions 

Capital plus Reserves 3.829 Pts. 

Deposits 28.1 23 Pts. 

Number of Branches 31 

BANQUE CATALANS DE DEVELOPPEMENT 
(France) 

Capital plus Reserves 20 Fr/ 

Deposits 37,6 Fr. 

Number of Branches 2 



1977 1976 

% 

Number of Bmptoyses 

2.431 2.240 

6.53 

Number of SharBftddsrs 

6.758 ■ (L227 

8,69 

Total earnings ■ 

7.096 4.856- 

46,13 

Net earnings. 

3.521 2.420 

45,50 

Earnings b. Taxes.. 

699 323 116,41 

Dividends 

233 120 

94,17 

Net eamings/average equity 

Net earnings/ total average 

11. 6.93 

58,73 

resources 

0,72 0,47 

53,19 


W run hiwuuimim. i^y With a balance sheettotalofmore than DM 80 

These capabilities are Westdeutsche Landes- billion, it ranks among the top twenty banks 
bank's stock-in-trade. During the last full _ in the world and is among the first three 

calendar year, itmanaged and/or co-managed in Germany. WestLB is also a recognized 
a total volume of US $16.4 billion. The Bank has market maker in fixed interest securities. 


the necessary capacity and expertise to pro- high i y professional approachto 

. client-oriented credrtfecilrtiesertheron inWate and organjze intematior , a| 

its own or in cooperation with intern fts own vast international flexibility 

financing partners. and we |j balanced sources of funds make 


INTERCONTINENTAL BANK (U.S.A.) 

Capita! plus Reserves 12,2 US$ 

Deposits 163 US5 

Number of Branches 6 

BANQUE INTERCOMMERCIALE DE GESTION 
(Switzerland) 

Capital plus Reserves 18,5 Fs. 

Number of Branches 1 

UBUR-UNION DE BANCOS DEL URUGUAY 
(Uruguay and Brazil) 

Capital plus Reserves 13,5 N.P. 

Deposits 186- N.P. 

Number of Branches 21 


DEVELOPMENTS OF THE LAST FIVE YEARS 

(Figures In Millions of Pesetas) 


WestLB a solid wholesale banking partner 
for big-ticket finance. 


Deposits 
Equity 
Discount 
Loans & Credits 
Net earnings 
N.- 0 of Branches 


63.162 51.746 36.957 27.449 19.771 

6.010 3.272 2.780 2.303 1.538 

43.432 37,414 25,8001 8.71 6 12.386 
13.973 11.318 7.224 5.235 3.339 

3.521 2.420 . 1.684 1.T41 799 

119 96 SO 34 32 


WestLB 


A strong force in wholesale banking V VUOLLL 

Westdeutsche Landesbank 


Within the Western Hemisphere's economic system, banks 
tend to grow and strengthen themselves through various means 
to be able to adequately respond to the contingencies at our 
times. Our Banking Group, with a partner of Banco Esparipf 
de Credito’s Importance, tradition and soundness, has taken 
a great step towards its present and future growth potential, 
ctOTJesIcaHy as wall as Internationally. ’ 

(Ur. JAIME CASTELL LASTORUtAS- Chairman) 


Up-tiHSatethe "fcetos tie la Mondta" (Mondos Agreements) 


their endeavour to tmnaH inflationary pressures and Balance 
of Payment deficits. However, it seems dear that there is need 
for a cautious launching of tiw economy, ciarifytog once and for 
all the social and political coordinates In-accordance with the 
mariofecorwriasrifte Western W«W. • 

(Mr. CLAUDIO BQADA VILAliONGA- Vfcfrchatrtnanand 
Chief Executive Officer ^ - Chairman of ftwHna HoWngCftJ. 


P.O. Box 1128. D-4000 DOsseldorf I.Tet. 0211/82 61 - Frankfurt Office; Tel 06 11/2 57 91 
Branches: London. TeJ. 83861 41; New York/Tel. 7 54-9600; Tokyo.TaL 216-0581 


Tbe foreseen results of the Branch Expanrim Program Im- 
plemented during the last years are dearly apparent m tbe 
income Statement of 1977 and In its yield. The 45% Increase 
in total earnings and u» almost 700 mfiffon ftsstas earnings 
before taxes, compared with the previous year's 32? ntiSfon, 


_ nrrv~- r j. T .aMS WSllH international 5 A. Luxembourg. TeL 45493: WestLB Asia UmitedHong KongLTeL 5-259206 

fig gpft-vqqtii ,£L-Egs Utm America Office New Yori-,TeL 754-8620: Rio de Janeiro. TeL 224 7.1 62: Hong Kong and Southeast Asia.Tol. 5-228211: Tokyo.TeL 213-1811: MelboumaTeL 67 81 91 

E pt’CTpafipn?; Banque Franco -All emanda 5A.Paris.TeL 3 59 01 09; Banco da Bahia lnvestimentosSA.ftiode Janeiro, TeL 2539823 


(Ur. FRANCISCO- LUIS GAM ON B0L008A 










flmetST ifflSy 3B 1979 


n 


ML. FINANCIAL AND COMPANY NEWS 


G J Coles absorbs K Mart Australia 

' MELBOURNE, July 35. 

G . J. COM AMD CO, the Aus- either K Mart Corporation or K the K Mart trader*, aod will that it was discussing a restruc- 
tralian retailer, has agreed in Mart Holdings. - b e able to appoint two directors t»m- n i rif rhcTM^rLS 

orinciple with K Mart Corpora- The settlement will also in- to the Coles' Board turiug of the k Mart (Australia} 

Uon, of the UJS., to purchase K elude a total cash payment of The K Mart Corporation issue °H firaaon * which has 36 stores 
j^rt's 51 per cent- stake in $A14m from K Mart Corporation will lift CoJes’ paid capital to throughout Australia. 

X Mart (Australia), subject to or K Mart Holdings. 380.17m shares from 144 01m Coles today reported a 20 per 

Australian and US. Government The purchase ig pbumed to giving K Mart Corporation a cent rise in 1977-78 profit to 
jgd Coles’ shareholders’ appro-' be effective from July 25, the stake of about 20 per cent. AS37.9m (US$43.ora), on a 15.8 
tils. Coles has announced. -start of Coles’ current trading Coles noted that K Matt Per cent rise in turnover to 
If. approved, the purchase will year enabling Coles to consoh- (Australia) earned AS8.34m AS1.55bn lUSSl.Sbn). The 
make K Mart (Australia) a date K Mart (Australia) results (AS6.81m> after tax in the *52 jAS38.02m (A$31.62mj trading 

wholly owned Coles unit. for the year. . weeks ended June 24. on sales profit included A$2.07m 

Coles will issue 36.15m 50 cent Coles said that the shares it of AS314.62m /A$235.5Sm). (A$l,3Snn income tax relief 
par shares to K Mart Corporation will issue to K Mart Corpora- Coles received a AS1 57m from the investment allowance, 
*nd its Australian unit, K Mart tion, known as “K" ordinaries. (AS735.000) dividend from and the AS250m (AS2.17m) 
Holdings Pty-, at about 51.43 will rank for dividend from July. K Mart (Australia), included in stock valuation adjustment. 
«*eb. „ 1978. They Will nbt be listed. the profit earlier reported. The rate of after-tax profit on 

In advition to the k Mart If the deal goes ahead, k Mart Had Coles equity accounted sales was 2.13 cents (2.09 cents) 
(Australia) stake Coles will Corporation wxU be entitled to k Mart (Australia), its after-tax in the dollar, based on the profit 
acquire other assets . owned by receive 0^5 per cent of K Mart profit would have been AS41.77m before the investment allowance 
K Mart Holding and all debts (Australia) sales as aa annual (ASS4.66mi before minorities, and stock adjustment, 
owed by K Mart (Australia) to fee for the right of Coles to use Coles announced in late June Reuter J 


C G Smith Investments sees fall 


«Y RICHARD RQLflE 


JOHANNESBURG, July 25. 


s 


C. G. SMITH INVESTMENTS, The balance of C. G. Smith’s Another factor in the 
one of the kingpins of the Dur- investment’s attributable income greater group's fortunes is the 
ban-based group which donunates wa s supplied by Romater. which writing-off occasioned by the 
the South African sugar industry. w ? p = J, of dividend proposed disposal of the 50 per 
and controls the republic’s big- cfl ^ oed _^ n cent holding by C. G. Smith and 

,est textile enterprise, Romatex. income. Romatex is 56 per cent c 0 the unquoted member of the 
aces a decline in distributable owned by C. <3. Smith Invest- c. G. Smith group in Staneer 
profits in Its current financial ments and is, therefore, consoli- pulp and Paper, the joint ven- 
year, to March 31, because of dated, but local analysts generally ture with Reed International, 
expected lower receipts from its strip out the retained portion of Terms for this disposal, whicb 
■agar investments. Romatex's profits and treat c - G. involve Reed acquiring C. G. 

According to the annual report Smith Investmnets as a dividend- Smith and Company’s holding 
for the past year, sugar receiving company. should be finalised by mid-August’ 

accounted for R6.7m out of C. G. For the current year, it is However. C. G. Smith Invest- 
Smith Investments’ distributable generally estimated thta C. G. ments is insulated from the worst 
profits of R8.8m the 30.8 per cent Sugar wil cut its dividend from effects of the sale because it has 
stake in C. G. Smith Sugar An- 75c to 50c, and Huletts from no direct interest The main 
trtbuted R3.4m and 67 per cent 28c to 24c, but Romatex is impact falls on C. C. Smith and 
stake in S and T Investments a expected to achieve a further Co., which expects to reduce its 
further R3-3m. S and T Invest- improvement from 17c to about dividend from R32 to R29 this 
ments is an unlisted company 20c. The upshot of these changes year, and on C. G. Smith Sugar, 
which holds 50 per cent of would be to reduce C. G. Smith with 42 per cent of C. G. Smith 
Buletts. and la itself controlled Investments' attributable earn- and Co., but the effect of C. G. 
by C. G. Smith Investments and mgs from 27c to 24c. The shares Smith Sugar's earnings is 
Tongaat the other South African at 200c, therefore, yield a pros- officially forecast as a reduction 
sugar major. pective 12 per cent of no more than 5c per share. 


Moderate rise in MIDF profits 


BY WONG SULONG 


KUALA LUMPUR, July 25. 


MALAYSIAN Industrial Develop* said after three consecutive years profits rising from 340,000 
meat Finance Berhad (MIDF). of decline, loan approvals for the ringgits to 1.7m ringgits, 
one of the major financial insti- year rose by 24 per cent in value However, profits in the 
tations in Malaysia, has reported and 52 per cent in number to associate, Malaysian International 
.a moderate 5 per cent rise in 39m ringgits for 199 loans. Merchant Bankers Berhad, 
after tax profits to 9.7m ringgits However, the size of the loans declined marginally to 2.5m 
for the year ending March. was smaller than in previous ringgits. 

The parent company’s profit years and there were fewer loans MIDF is capitalised at 80m 
fell by 14 per cent to 6.7m for foreign joint ventures. This ringgits with the Malaysian 
ringgits, reflecting the impact of is consistent with the trend in Government holding 41 per cent 
tbe recessionary years of 1974-75. Malaysia of national recovery of its equity. Malaysian financial 
- However, the company bad a without the anticipated pickup in institutions 26 per cent and the 
good year dealing in securities, foreign investments. rest held mainly by foreign banks 

handling more than 90 per cent MIDF’s associate, Malaysian In- and insurance companies, 
of the 122m ringgits in securities dustrial Estates, which builds + . * * 

floated during the year. It under- and sells factory space, had a Output of rubber and palm oil 
wrote only 4m ringgits of seeuri- good year with profits rising by at United Malacca Estates is 
ties the previous year. 43 per cent to 2.6m ringgits. expected to recover from last 

MIDF, whose lending activities Another associate, jUab year's severe drought and to in- 
tellect a good deal of the in- Malaysian Development Bank, crease by 12 per cent for both 
dustrial situation in the country, also reported strong growth with crops for the current year, -the 

• chairman. Tuq Tan Slew Sm, 

predicts In his annual report, 
writes Wong Sulong From Kuala 
Lumpur. 

For rubber; a production of 
9.5fn lbs is expected while palm 
Scales oil is projected to rise to 23.400 
tonnes. 


Hong Kong futures markets plan 

HONG KONG, July 25. 


Mr. 


THE Hong Kong Commodity Ex- mortgages futures, 

change hopes to open markets m * °^ ncies t0 be trade in As for prices. Tun Tan, who is 

currency futures and financial HongKongwill be those of Hong also chairman of Sim e Darby 
instruments by the end of this Kong’s major, trading partners. Holdings; says that rubber 
year, Mr. Peter Scales, the Ex- The moves require a change should remain firm, staying above 
change’s chairman, said here. in the Commodity Trading the two ringgit mark, although 
The Exchange plans to operate Ordinance, which now confines he is less certain about oil palm 

thifmarket rions\hc Unca^f the — ^ 

Chicago International Monetary The exchange w ni have to For the year ending April. 
Market, which deals in sterling, sbow ^ currency and finan- United Malacca's after-tax profit 
Canadian dollars, Deutsche mark, c j a i instruments futures markets fell by 31 per cent to 2.66m 

are needed before the licence to ringgits (USBl.lm). mainly 
trade in these futures is granted, because of the sharp fall in 
Mr. Scales said, -rubber and palm oil output and 

Reuter higher taxation. 


yen and Swiss franc futures. 

The financial instruments in 
Chicago comprise interest rates, 
treasury bills and Government 


More aid 
for yen hit 
companies 

. TOKYO, July 25. 
THE Japanese trade and indus- 
try ministry is considering 
additional steps to help cushion 
smaller and medium-sized 
companies ' from the impact of 
the renewed yen appreciation 
against the dollar. 

It is looking into a possible 
extension of the emergency 
financing system for smaller and 
medium-sized enterprises suffer- 
ing from the yen rise, due to 
expire at the end of September, 
the ministry said. 

The latest yen rise against the 
dollar could produce a serious 
impact on smaller exporting 
concerns, they added. 

The system, enforced from 
last October, was extended in 
May for three months until the 
end of September, with terms of 
the emergency loans eased. 

The officials said emergency 
loans, with terms of up to five 
years and an interest of 5.3 per 
cent per annum, so far supplied, 
totalled Yl65J2bn <$S28m). 

They also expert the loan 
supply to reach Y300bn ($1.5bn) 
by the end of Stepember. 

Reuter 


Currency, Money and Gold Markets 



remains 
very strong 

The U S. dollar improved 51.9269-1.9270, a fall of 10 points 
against most major currencies in on the day. 
the foreign exchange market TOKYO — Intervention by the 
yesterday.' with the notable Bank of Japan was on a smaller 
exception' of the Japanese yen. scale than Monday, totalling be - 
Fears that the U.S. - trade figures, tween SlOOrn and 5150m. as the 
to be announced today will show dollar foil to another record low 
another very large deficit, particu- agalnsi the yen. The central bank 
Jarly with Japan, pushed the bought an estimated *>Om in late 
dollar to a record low of Y19M0. “ ** J*° n " “gg? 

although it did touch a lower level ' 1 ®°- 30 - . 

MB* com- ffWBt’a ? ZSS S£ 

Other currencies were nowhere figures due today, which are ex- 
near as firm as the yen however, pec ted to show another large defi- 
with the dcUar rising to DM 2.0550 £l t with Japan. Trading was 
against the D-mark, before closing heavy yesterday, at ss\9m in spot 
at DM 2.04«o. compared with an g $907 in forward and swap 
DM 2.0440 previously. A - report turnover. 

FRANKFURT— The ~ dollar rose 


. US Cents 


CANADIAN 

DOLLAR 



1977 


1978 


THE POUND SPOT 

' iBank] 

J*lyM ratal' Day'a | . 

% ; bpraad J CUm, 


DA* I ?U' 1JSSS I.K56 l.tttt I.82JB 
CuailMI r Hi i. IBIS 2.1745 '.LIMB -8.195b 

Guilder fit t.iMis* 1 4.S8f-4.»7* 

Maifea sir HDD-52 SB . tX.ifi-t2.J5 

PbbUH Kr.r I I IB.7Z-m.IB 'lft.72Mli.7S] 

»-M»rc ; « ; ai.fti-5.lfi ft. 44.(5 


FORWARD AGAINST £ 


One mouth : % pj, ThMeauMMh* X pa. 


B.MD.40c.ini 

B.MMJ.bOr.j.m 
2«t -H a .■-[■in 
U-2D v. pm 
1 Jin. 

i-2 f>f pin 


2. IB I. IS I.DSi-.pni 2.24 
6.05 1.40- Lifl -.{>m 2.49 

6.62 Si <f i .pm ( 4.9? 
4.K ! BQ-tOr.pin 4.82 
|«r 4?-6j i'ir >li* j-2.14 
7 SO 7:>i-6aa I’fpili; - 7-?2 


Port, Ik. ill ! ir.Z4.UL0> ; »7.BD-S7-M 40-14D dl* !- 12 31 IKt-SIbr^la J-ll.52 
6pm. PM. ! ■ il4«.l*-lB9.4D II4I4D-W9.00J i»r- 100 r. ilia —4.DS bfl- 159 imIib j— 2.CT 


Lira - 1H». (.684 l.fcS* ( 1.825 !.«■* 
Nrwfa. IrJ- 7 . , ID M 10 51 

Freneh Pr. I Hi 1 l.iB^.ft jDi ; 0.47 i B.lfti 
swediaOXr. 1 «t (.71-4.74 ; t-Tli B.TSi 

Vtw | II]! E7B-4R | S76* a7 , 

Kn akrta. tab; 4!a ».U-p.bl | 20.45 21-58 

Swiu Pfc ! I - I.4M.444 i S.4J7-J.4I; 

'itih nlt is - I ror~cob»srtlM« "iriari. 
Financial franc as.15-tt.35. 


S 4 tiro d(« 

2 j 1 fir* jkii 
2;-li i*. pin - 

la -■rcpiii -^li« 
I.60-E.1B ypn.' 
17-7 ^ti, pm ! 

*-2 r.jini 


-0.22 S- Him- ill* ;-0.2i 

1.75 Sft- liurp pm ; 0.9* 
1.77 ii-2i r.pm 
0.89 'Si- 1; I«m 
0.11 a.40 8.00 vpm 
5.05 i4fl-S0 tr.ipm 

8.75 8-7i.!’m 


1.U 

1.25 


4.99 

8.75 


Six-nmnxti furwa'rd dollar J.lKWc pm. 
U-nmorh 4.l5-4.D5c pm. 


THE DOLUkR-SPOT 








spread 

Close 

One month 

».a. 


Japanese 
bond sales 


TOKYO. July 25. 
FOREIGNERS were net sellers 
of Japanese bonds in June by 
Sl51.9m, the Finance Ministry 
announced. - Net sales of $S39m 
in May marked the first month 
of net bODd sales by foreigners 
since October 1975. reflecting 
restrictions imposed by the Gov- 
ernment in Mareb. 

Foreigners expanded net pur- 
chases of Japanese stocks last 
month, however, to 518.7m, com- 
pared with S2.65m in May which 
had been the first month of net 
buying since February 1977. 

In June, foreigners bought a 
total of S473J>m bonds, down 
from S494.83m in May, while 
selling S82k35m compared with 
$833 -83m. The bond transactions 
exclude short-term Government 
bonds. 

Foreigners bought $360. 08m 
in Japanese stocks in June com- 
pared with only $202.57m in 
May, While selling S341.41m 
against S289.93m. 

The Finance Ministry also 
announced that the number of 
approvals for Japanese bond 
Issues overseas rose to 10 cases 
in June for a value of S338.13m 
from six cases totalling 5260.65m 
in May. 

AP-DJ 


above its fixing level of DM 2.0470 
in late trading. Near the dose it 
stood at DM 2.0488, compared 
with a late Monday rate of 
DM 2.0395. Trading was quite 
hectic ahead of the U.S. trade 
figures, with the dollar and the 
D-mark losing ground against the 
yen. The Japanese currency rose 
to DM 1.0403 per 100 yen from 
DM 1.0305 on Monday. The 
Bundesbank did not intervene at 
the fixing, which compared with 
the previous day’s level of 
DM 2.0376 against the dollar. The 
Bundesbank trade-weighted index 
of the D-mark eased to 1455 
from 145.5, up 0-5 per cent from [ 
the end of 1977. „ . . . 

PARIS — Tbe dollar finished 
slightly above the previous day’s 
low levels in nervous, but light 
trading. At the close the U.S. 
by the OECD, suggesting slower currency was FFr4;3985, compared 
UR. growth was enough to ease with FFr 4.3S90 mid-morning and 
the dollar from its best levels in FFr 4.3945 late Monday. Tbe franc 
late trading. was generally firmer against other 

It touched SwFr 1.7825. against European currencies, dosing at 
the Swiss franc, before closing at FFr S.4695 m terns of die pound. 
SwFr 1.7775, compared with compared with FFr MSM m the 
SwFr 1.7752) on Monday. morning and FFr ******* 

The dollar’s trade-weighted pr W us * c fe' J5E« S,, 2L£5££ 

cJ™S i0n A^SmSSL W,l 2 tal S? wiJhVr in' the 

New York, widened to 8£ per cent ~,T^re m fired deposit 
from 8.4 per cent, reflecting tbe rates by the big Swiss 

wrakness against the yen. bsnks may he short lived pro- 

Ster hog's trade-weighted index, vi de d a brief respite for the 
on Bank of England figures, fell doHar. This followed a report that 
to 62.8 from 63.0, after standing the Swiss National Bank may 
at 623 .at noon, and 63.0 in early increase liquidity In the banking 
trading. system by making available 

The pound opened at $1.9320- SwFr 450m from Federal money. 
$1.9330, and quickly touched a Trading was stow however, and 
high point- of $1.9345-1.9355. In- by mid-morrung the dolla r had 
the afternoon sterling fell back improved to SwFr 1.7770 from 
as the dollar improved, easing to around the SwFr 1.77 level at the 
$1.9255-1.9265. before closing at start 


CafudUB* 

Guilder 

BdttanFr 
Dttosb Kr 
D-Mark 
Pon.Xa 
Urn 

XrvfD. Kr 
French Fr 
SwedartiKr 
Yea 

Austria Sck 
Swiss Fr 


UMMt 

TUMzai 

SJUft-XSIM 

2J»tt-2aS0S 

HtbWh 

5jats4jms 

4JDMLWS 

UU04J» 

2«fc4Htt.0t 


ta.n-n.B2 

2J9t5-2JEZ15 

na-mu 

ssnsasm 

zxmsajets 

&2Mtn 

M.M44UI 

srtMJtn 

4JOU-4JID2S 

CS2SS-4JS27S 

29XS4BS.W 

uHuirn 

l_n2H.TW 


* U.8. cents per cuadlsP * 


FORWARD AGAINST S 


Three months ft-L 


pmr-a.B2c pm 
DJM.Mc pm 
T-ta pm 


DJ2 D.0M.P7E pm 
3.24 lJ4-1_54cpm 
i41 2H.1SU pm 


PJ4 

3.01 
2J> 

5.02 


0.17-0 J2i>l pm 4.47 lU-134pl pm 

ut-ssosiwiu -4x« v.nwasuradip 

DJMJflcdln — 0JS (U7-0-S7C dll -W 


!JN.UyM 7M US-3 Jttrpm 




UB-4-Mc pm L19 X0D-2.45C wm *.« 


CURRENCY RATES 


CURRENCY MOVEMENTS 


Joty >1 

Special 
Dr aeri*« 

Rights 

Europe an 
UslleT 
Account 

July 25 

Bank at Hiriw 

Ed stand Cuanuty 
ladex chaaies** 

SterUnx 

DE. dollar — 

ranadlon dollar 

Austrian schilhnx ... 

IKMS 

USOI 

i4ua 

XL432T 

mumt 

lisaw 

ZrtOSS 

1.49992 

U.4S17 

«v81do 

SieHanu 

U S. dollar 

Canadian dollar . 
Ausirian schillinfi 
UvIkIoii fraiH* . .. 

... UU 
>551 
... MJ* 

... lift JO 
... 109.M 

- 15 

-UJ 
+1S.0 
+ 115 


LffN) 

7.8SS43 

Danish krone ... . 

... 111.94 

+ 5J 

Peuiscbe Mark; 

2JA74 

2.7M.79 

2 saw 

248200 

DiMii^thi* Mari; .. 
Sn-lci iruiiL 

... 1MJJ9 
... 1B7.TT 

+ J5.2 

■981.3 


SJUU 

55X290 

Cm liter . .. . 

. . 119.01 

+U.6 


1BSIM9 

2B70.JJ 

French franc- . .. 

... IflOJ* 

- 2.8 


25UNX 

251.02 

Lira 

... 56.21 

— 46.4 

N'orwecUn krone ... 

4.72979 

9MK9 

*.80190 

9857X7 

Yen . . 

Tinned ml trade 

15050 +48-8 

u'eishli-d i-tianai-a Irteii 


SMOSI 

5.73718 

WaihinKKin aun.-cnn.-ni Pin ember, m 


22UH 

25*799 

iBank of KukUuc 

Index- luO 



OTHER MARKETS 


£ 

July *s ; 

* i 

£ 

NoIm Kits 

AtKauiina ?•»■—... I *-®*® L642 
Australia l>o!tar„.' 1.6650 Le7!D 
Pin land Uaakko B.OZJf -a._031s 

796.34 800 42iAttrtrlft. 

U.U648 

4. 1695 -4. 1715 Denmark 

.. 27-s -284( 

. 62-651} 

.. 10.60 10.75 
..• 8.55-8.50 

Gmn Draebma..... 6v.y» rx 632 

36.29 c7.18 iUennauy 

.. 3.85 4.CO 

lisa Rut Ifauv 

Kuwait Dinar IK Hi| 0.520 D.i 30 
|jitumhft>ifg Pmxuri 62 15 c2 25 

69 04-72. J 5 Jlajan 

0.2700 0.275 '\iftilierlanri 

32.26 32 28 lN.-r»av._ 

2.5400 4.4430' ISitiiuai 

' 380390 

... 4.15-4.50 

. : 10 25 10.40 
81-87 

NowZraiand DollU 1.8*40 1J 420] 0.9610 0.9555, 

cfttiMli Arabia Rival. I 6 66 6.86 1 3 404.46 .■Sniirermnil...... 

dinrsprre Dplla/_l 4.501* 4 52 1 2.2700 2.2730ii:nii«l jftt«i»e..._ 
Smith A Mean Rannt 1.1-697 1. 4-669! 0.H6G7 0.876&V'ip-l*ii >a 

.. 1.470-1^00 
5.56-3.50 
., 1.911* l.93i| 
54.36 

Rate xrieo 

(or Araentlna la free rate. 



EXCHANGE CROSS-RATES 


July 25. 

Foucat bierlinhl -OJ>- ifcuiar 

Owilai-hoMarSj iapane** iff 

t notch anus 

a** trail 

UUUw fcllwIWj 

lie -mu Uim 

, c-aua-m u».-ai 

iwua'i t'lwo 

Htamd-dterUiiit 

U J>. Dollar 

X. 

0A19 

1.927 

1. 

3.945 | 

2.048 

477.5 

196.0 

. 8.478 
- 4.480 

3,428 

I- 779 

4.273 I 

' 2.818 J 

1626. 

843.8 

1 2.165 

! I.lk4 

62.20 

32.29 

Ueutacbe Mark 
Japaaeae Yen IJOOO 

0.2h3 

2.649 

0.468 

5 205 

1- 1 

10.45 ] 

95.69 

1000. 

2.149 

83.48 

0.969 

9.D79 

I. 083 

II. 32 j 

412.0 

4506 

U.^49 

6.735 

16.77 

164.8 

Kreoeh Krado 10 
Sates franc 

1.180 
'0.292 ' 

2^272 

a&62 

1E9 

447.3 

110.1 

10. 

2.473 

4.043 

6.040 j 
1.247 1 

1917 

4.74 5 

I 2.354 

' 0.632 

73.37 

18.15 


• 0.234 

CM) 15 

0.451 

1.185 

0.923 1 

2.427 

88.36 

xa2.2 

1.984 

0.802 

1.109 

1 ; I 

2.628 \ 

3b0.5 

1th 0. 

' O.SC7 

1 1.332 

14,56 

38.27 

^amtian Odiar 
iMnlan Krane 100- 

0.462 

L608 

0>90 ' 
3.097 

1.622 . 
6.342 

174* 

606.9 

3.916 

13.63 

1.683 

6.610 

- 1.973 ! 

6.669 

750.8 

?613 

! 3.681 

28.73 « 

1 Oo. ■""! 


EURO-CURRENCY INTEREST RATES* 


_ July 26 


♦tftjon lerm.-.u 
|- T ii»y* nvticeJ 

Momh 

Tliree month. .. 
;}lx ranatli*...^ 
One year — 


Sterling 


tanahlan 

Dollar 


10-IOla 
toia-zl 
1058-11 
105« lUft 
jm-iist 


■714.8U 
7f«-ak 
7fta Ala 
ar B -8ii 
as*© 
a^-91* 


D.S. Dollar 


7ra8i« 

8-8i« 

8Sa-nift 

8 rt-o.i 


Dutch GoiWer J Swim Trane 


2i a -»« 

4U-4Jf 

4S«5 

Bfla-oU 

6'r -61* 

658-67* 


Vt -lie 

SSa27, 

M-iJiW 

d-2i, 

* A* A 


W. German 


French Fraoe i JtolUn lira 


Asian $ : Japaneoo Too 


3 5s-31l x . 

4A1| 


• 7ft* a 

7*4-6 
Uia-8** 
B3*-fisa 
B7r 101a 
luft*-107| 


. .3-11 
121*131* 

ia-13 

1218-1318 

13- 14 

14- 15 


i:tfA 
aig 8l< 

9, 1-9.3 


l»»-t1.» 

3*13 


The toltowtne nominal rales were « dated for London dollar eertiScalea of deposit: One month J.0M.1 5 par coni: three months S-35-S.45 per cent; six months S.S0-S.M 
DGT CriJlIi QCe St MT 9.0D-3.]0 PcT iXHL 

Uras-icrtn Earodoilar deposits: two jc-ari 9S te -S7w per cent: three yean ftl-9i per oeitt: four years B»u-9l1» Per t*ni: five years 9;-9! per ceni. - Rat-* an* pomiaal 
closing rates. • 

Sbon-ierra raira are call for sterling. D-S. dollars and Canadian dollars; two days’ notice for gnllden and Swiss franes. 


Allan raiea are i-losins rales in Singapore. 


■M 

STRAIGHT? 

Alean Australia Sipc 1989 *71 

AMEV 80C I OST 951 

Australia SJpc 1992 Ki 

Anatraltan M. & S. 91 bc *93 «7» 

Barclays Bank S#pc 1992... 95 

Bowaicr 91pc UK 97t 

cm. N. Railway SJpc 1986 941 

credit National ttne IMS-.. 91ft 

Denmark ttpc 1984 9Si 

ECS 9 pc 199.1 «i 

ECS Slpc 19P7 93* 

KIB SIPC 1992 - « 

RMI 9tPC 3989 . 95* 

Ericsson Sloe 1989 9*1 

Em Spc ISSS Nor. ... .. . »* 

Gt, Lakes Paper Slpc 1994 9>i 

Hamer* ley Hue 1993 lM* 

hydro -Quebec Sue 1*92 — 9* 

IC1 Slpc 1987 * 

1SE Canada Wpc 3988 . 1M* 

VanniOan Blocdol 9 pc 1992 9« 
Uaasrr Fe reason 9lDc *91 W* 
Ulchello 9|pc IBM 1M* 

Midland ML Fin. Bine *92 95 

National Coal Bd. Spc IW7 K* 
National Wstratutr. 9nc 30M 
NatL Wstmnsrr. 9pc "Sfi *B* 1B9* 
Nenfoondlond Spc |9I 

Nordic Inv. Bonk SIpc 199* *B* 

Norses Korn. Ek. 8* PC 1992 95 


Offer 


98ft 

*6 

98ft 

98* 

951 

OR 

95ft 

06 

99 

99 

94 

961 

99 

974 

m 

98ft 

101 

Ki 

ttft 

J04 

96i 

994 

uni 

95t 

93ft 

1014 

30ti 

100 

97 

951 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Norsk Hydro Sjpc OK ... 

Oslo UPC loss ... 

Pons Atnonomes 9pc 1991 
PrOT. Quebec 9 pc 199« ... 
Pror. Saskatchwn. SJpc W 
Feed loiomaUoual 9pc WS7 
3 pc 1992 . . .. 

Selection Trust Slpc 1999... 
Shell InU. Fin. SJPC 1990 .. 
SRand. Enskilda 9pc 1991 . 

SKF SPC 1987 

Sweden •R'domi 8ftpc 1687 
United Biscuits 9 PC 1989 ... 
Volvo Spc 1987 March 

NOTES 

Australia 7jpc 19S4 

Bell Canada 7tjrc 1987 .. .. 
Br. Columbia Hyd. 7»pc '85 

Can. Pac. «pc 108* 

Dow Chemical Spc 1986 ~ 

ECS 7*pc 19S2 

ECS 8iPC 1*89 - 

EEC 7ftpc 1982 

EEC 71pc 19S4 


93) 

Sfi 

93 
97ft 
97* 
944 

94 
M ft 
94 


Offer BW Offer 

95) Enso Gniaeit 8ipC IBM 9fi 9BJ 

90ft Gotarcrftea 7Jpc ms: 94J n 

1001 Kocfcnms Spc MK! ., — 96i 97 

97! Mlchelln 8} pc 19S3 *R4 »l 

95ft Mnstrcal Urban Slpc 1981 99* 100 

97) New Brunswick 8pc 1984 .. 90ft Sift 

94 New Brans. PiW. Bloc SS 99 

. 951 New Zealand 8*pc 1986 ... 95 9al 

91* Nordic lav. Bk. 7 !pc 1984 93* « 

9* Norsk Hydro 7Jpc 18S2 . — 951 981 

981 Norway Tipc 1982 . - »* 

9lf Ooiaxio Hydro Spc 19Q7 ... Wi Mft 

93 Sbuer 8:pc 1982 7. 100, 

98) s. or scot. Bee. 8*PC 1961 9S 981 

94 Sweden (K'dom* 7*oc 1982 941 

..Swedish State Co. 71 PC S2 95 9=j 

Telmex 9)pc 1984 99 99} 

Mi Tenneco 71 pc 1987 May ... 914 92* 

Ml. Volkswagen 7 1 pc 1887 94i 95ft 

931 

98 STERLING BONDS 

98 Allied Breweries l«4oc TO ttft 90 1 

55* Citicorp 18 pc 1893 9S4 93ft 

94! Comtaolds 91pc 19S9 — 90} 9U 

M ECS 8IPO 1999 Mft »» 

94| E1B >ipc 1S88 — 90S 97! 


T 7ii« ynnimniwnmr appaa 38 a mail ti of record only* 

$20,000,000 

Term Loan 

Delta Sugar Company S. A.E. 

Arab Republic of Egypt 
provided by* 

International Finance Corporation 
Citibank, NA.— Cairo Branch 
Arab African International Bank— Cairo 
Arab Bank Limited— Cairo 
Societe Arabe Internationale de Banqne-SALB. 
Umon de Banqpes Arabes etFranfiaises-UJB JLF. 


TAir 


trough the sale of $*rtuitat*w. 


Jdr,l978 


Bid Offer 

zra g;pc 1993 m m 

Finance lw Utd. 9 1 pc 1987 91ft DSft 

Finance for Ind- 10 pc 1899 94 95 

Finns lOftpc 1987- — .97i 981 

Ccsictner llpc 1988 92 • 93 

IN A 10 PC 1988 — 92! 991 

Roam tree Itftpc 1S8S M 91 

Sears IWdc 1938 92 93 

Total Oil 9* pc 1984 901 9U 

DM B0NO5 

Aslan Dev. Bank »>pc 1998 94| - 954 

BNDE «:pc 1984 954 9« 

Canada 4Jpc 1983 97ft 99* 

Don Nnrsfce Id. Bk. 6pc Vfl 95 99 

Deutsche Bank 4Jpfc 19S3 ... »i 97i 

ECS WPC 1998 91i 921 

EIB 5* pc 1990 911 V.’J 

EV Aqvttalne Sloe 1988 ... 934 94i 

Enrainm 5Jpc 1887 94ft 97 

Finland Slpc 1985 S3f 941 

Forsmarks 51 pc 1990 ..... 94ft 954 

Mexico 6 pc 1985 95ft Mi 

Korean 3fpc IMP 981 98* 

Norway 41pc 1983 97 97J 

Norway 4|pc 1883 « ■ 9fi 

PR Bankcn SZpc 18SS 94* 95 

Prov. Quebec 6 pc 1990 951 97 

Eauarniikk] Slpc 1988 94 94) 

Spain 6pc 1988 ttft M 

Tremlhoioi Slpc 1983 S3. 96 

, TVO Pott er Co. 6 pc l»gg .> 95 98 

Vesozuda flpc 198S 94* 954 

World Bank Slpc 3990 95 Ml 

FLOATING RATE NOTES 

Bank ol Tokyo 1984 Hpc ... 9s; 99) 

BFCB 1994 Ripe 9S1 99ft 

BNP 1983 81 laPC »l KUH 

ROE Worms 19® 9 pc 971 984 

CCF UMS 8|pc .... ttft 

chaise Manharr'n ‘93 95 mdc ttft tti 

Credhanstalt 1984 Si pc tti 994 

DC Bank 1392 Spc 991 itm 

GZB 1981 8l]*pc 9Bt ]05* 

Inti. Wesrm luster 1984 Spc Ml Mft 

l^vds 1983 812)6 pc 994 390 

LTCB 1983 Spc 991 99] 

Midland Int. FS *87 S9|6pe 951 994 

Midland Int. FS VS 9 ’ft pc 984 99 

Nat. Wcsuninstr. *99 8Si&pc ssi Ml 

OKB 1983 91 DC 99ft 100 

SNCF 1985 8ft pc 9»t 9ft! 

Stand, and Chad. VI Bloc • 9Si 99 1 

Source: White Weld SecnriUe*. 

CONVERTIBLES 

American Express ftlpc *87 81 834 

Ashland 5pr 1988 93ft 97 

Babcock & Wilcox flipc V7- 112 jis 

Beatrice Foods 4ftpc 1993... 97 951 

Beatrice Foods «zpc 1993... 1084 no 

BeeCham 8JPC 1992 1M4 1054 

Borden Spc 1992 90 100) 

Broadway Hale 4|pc 1987... 754 77 

Carnation 4pc 1987 78ft go 

Chevron Sue 1988 M 138ft 

Dan 4Jpc 1987 . 81 8J4 

Eastman Kodak ftlpc 1988 84 ttft 

Economic Labs. Cpc 1587 78. 78} 

Flrwitme Spc 1988 79ft *1 

Ford Spc 19SS 88 88ft 

General Electric 4 it>c 1997 80 Sift 

Gillette 4JPC 1997 ffift 78 

Gould 5pe IBS? 117 list 

Gob aU Western ^pc 10S8 SC m 

Harris Spc 1682 1924 194! 

Honeywell Spc 1SS6 87 gat 

!CI Sipe 1993 Mi 91* 

INA 6 pc 1997 95ft 97 

Jttchcapc Hpc 1992 ... 114) 115J 

rtT 4Jpc 1987 7B1 SO 

Jnaco Spc 1993 120ft 121ft 

Komatsu 7)pc 1SU 139! 140ft 

J. Ray McDcrawti ft;pc *87 j4« 148 

Afatsnsfaila Bifid 1390 182 lSSi 

Mil»l Tjpe 1990 135 13« 

J. P- Morgan 4jpc 1887 ... 9Sft ltd 

Nahlscn 51w IKS 10 * lBSi 

Owens Illinois 4 ft pc 1987 -.U 116 ll7i 

J. C. Penney 4lpc 1987 754 77 

Revlon ftjpc 1987 233) 124 

Reynolds Metals Spc 19ES,. 82ft 94 

Sandnk eftpc 19S9 111ft 113 

Sperry Rand 4»pc 1987 92* 94 

Soulbh 4*pc 1937 ttft R 

Texaco eftpe 7« 78* 

Source: Kidder. Peabody Securities. 


INTERNATIONAL MONEY MARKET 

Holland lifts discount rate 

• The Netherlands Bank’s unchanged at 5f per cent at the three-month to 8.17 per cent 
discount rate has been raised to today’s weekly Central Bank from 8.21 per cent. 

4J per cam from 4 per cent today. Board meeting. FRANKFURT— Interbank money 

At the same time the Lombard , likelv that IIS market rates were unchanged from 

rate, previously at 5 per cent, has -il "SJL^ftry Sfd Mintin' 3 5 W cent for call money through 
been increased to 3j per cent. In ! u \aS^aT e fl7^det3 Aids to 4 - 10 P er cent for six-month. 

MI Sr*S.fteS " SJttTirtSl BRUSSELS-Deposit rate, for 

SftKiS wliletowSr tSS 7 * P cr cent. Recent speculaUon the Belgian franc | commercial) 
rjtei SmSFiiSe chTw ™ has indicated a tightening of the were sUghUy firmer at one-month 
recent raonths the Dutch^iJder Fed ‘ s credit policy and since in at 5J-58 per «nt from Sx\-Sfk per 
has shcwi?a weaker tendency the ***> they have moved the cent while the three-month rate 
Slni me rate in } point intervals, this -rose from 6 iM per cent to 61^1 

the •’ hat lhe latest move “ **» as something per cent. However six-month 

SSrenS SJ ' shoim the of a compromise. Consequently deposits wwe steady at 63-65 per 

creaiert strthj k rhl Beieian conditions have become slightly cent and the one year rate was 
S In Eek vesterd ay ^the more ^ed and Monday’s easier unchanged a t 7*-7* per cenL 
rate on four-month bond fund in 1 Treasuiy bill rates was PARIS — Day-to-day money was 

papers was left unchanged at 6i from slightJy easier at 7J per cent from 

per cent At the same time rates 6J 7 * P“ **®t- One-month funds were 

on one-, two- -and three-month el* 0 down at 7|-7J per cehi against 

Treasury certificates remained at 7 A* t * P er 0011 previously while 

« f'nSS Ag* cent a ” d 6 OM.^r biUs ^ eSle?,t"3a ra “ ™ s, “ dy 

ce jL , peCt ^ V? y ' per cent compared with 754 per 

The franc has been seen around cent Federal funds were quoted 
its lowest permitted level just a! 7 \ 2 per cent slightly down from 
recently but with rates unchanged 7| per cent on Monday. 

and -a slightly better performance _ _ 

on Tuesday jby tbe franc, there is One month certificates of deposit money market were again tight 
now a stronger conviction in the fell to 7.85 per cent from 7.88 per with call money at 5J per cent and 
market that 'the Lombard and cent with two-month easing to 7.95 overnight money dealt at 51 per 
discount rates will be left per cent against 7.99 per cent and cent 

UK MONEY MARKET 


per cent Six-month 
money was again unchanged at 
8ft per cent and 12-monlh rose to 
St per cenL 
HONG KONG — Conditions in the 


Large assistance 


call loans at the close, 
interbank market over- 


Bank of England Minimum The market was helped by secured 

Lending Rate 10 per cent banks bringing forward balances In the 

(since June 8 1978) well above target On the other night loans opened at 1IJ-1IJ per 
a, x» > hand ^re was a slight net take- cent and rose to 1IJ-12 per cent 

Day-to-day credit was again In u p of Treasury bills and the. on the forecast of a shortage, 
short supply in . the London settlement of gilt sales. There was However, rates soon eased to 10J- 
money market and the authorities also a moderate increase in the 10 J per cent and during the after- 
intervened by buying a moderate note circulation and a substantia) noon there was a see-saw 

amount of Treasury bills and a excess of revenue transfers to the movement -between 10i per cent 

small number of eligible bank Exchequer over Government dis- and Hi per "cent before closing 
bills. The total assistance was bursements. balances were taken at 9-10 per 

termed as large and part of the Total assistance was probably cent. x 
package is for resale to. the. overdone and discount, bouses Rates In the table below are 
market at a fixed future date. - were paying 9-9* per cent -for nominal in some eases. 

LONDON MONEY RATES 


GOLD 


Easier 

trend 


Gold closed at S194-J04*. a fall 
of SJ on the day. The metal 
opened at $194*-195}. and then 
declined as the dollar gamed 
ground in Europe. From the morn- 
ing fix or $ 194.0o. gold fell to 
$193.30 in the afternoon, and 


Julyli - Julv 24 


(itilii UullluD IB flnt- 

■Hinc-et 

Cluw_._ '5184-194*1 5194|-l?Eft 

Opening '51941?- IBS! 5I95M96 

Uontlog fixing v/M 04 : 5T95.S0 

■a’ 100 SSIi iGKM.IM] 
Allem.jn flxin^....i5 Ii5-M 5I95.2Q 

iXIM.ltti ,(£180.749? 

Gi>M Cinnit 

■ lonifMlinMy 

Kni(>emii>i ..... 5205 . 206! '5 2D ft; -206* 

iCVSft I'fij iCIGB 1B7| 
New Soverevpv.... >6711 *BU S*8 6D 
.L-V-iiH, 1-30 3D 
OM sioi i-n-isfiio-... '556 1 ; 59*4 567-59 

.Ori SOft) 

(•Mil 1.0111- 

internal uvulh 

kruet-rrnml >200 SOS 5201 20J 

*riii; lilft] i£U-4MDSft 

Sew Sovereign*. S57; iF: S&6-&8 

<£ 8i 5D4-- ,,£29ft-60*» 

Uhl bovrretieaa SF-5':-r7ij S67-&S 

'|BI| 5 0«1 

531 AnRie.« »<i9ft,4SU 5280-282 

?10 Ke-le* Sl40;-145ft (9141-146 

*D 51CDft llbft : 51 m -IDG 


Julv £5 
1976 

Meritne 
Certificate 
of rteprolu 

Intarbaux 

boear 

Authority 

rfepoait* 

hooai Auth- 

aeKottable 

bvnHe 

VmsDcn • 

Houm 

Deporita 

Company 

Dspotiu 

Diu-tnlnr' 

marten 

deposit 

Iriuuj 
Alii* ft 

kligiDia 

H»nU 

BIIIh 4> 

Overnight-..— 

£ >tajs notice.. 

1 >lay» <ir 
r llaj-B notice 

Soennotli.— 
rvo month -.i. 
Three month*. 

Six mouUls 

Nine month*.. 
Ooey+H-— . . 
ISeo wan-— ... 

JOfrlOrV 

lOifc-lOig 

lOsrio 

101 a -9{t 

uHrOfs 

9-12 

11-1156 

lOie-lt^a 

1 une-lQH 
10U-10le 
lCig-lt Jb 
1P15-10S9 
1018-103* 

10 IHb 

114114 

11-im 

10ft B 

1014 1038 

lOU-lO.l 

11-101* 

1012.9*4 

10-fa 1* 
9*4 9» a 
978 9ls 

10 9k 



1118-1138 
11-1114 
10*4-11 
10*8- 10 1| 
101**10*4 
111! 

. Ill, 

101*. ll 

10l*~2 2 
11U 

103 4 

8-10 

97g~l0 

9fii 

9 j b-9s* 

91|-9*b 

S£lg 

10-10l 8 
978-10 
93i-9|? 
93 Biir 


FmeTradr 

U1IU* 


10*8 

10i B 

1048 

10*8 


* ntl anenre .»•««» «veo «•«’ iwHee. atbers sffsen awe fixed. - Loonr.iara meal amhorira mciisaur 
rate noma allj three years Ilft-Ili .ppr cent: fimr years 12-Bft per cent: five years 12*433* per cenL raBank bill raiea In table 
f w ;,2 rtn “‘. wu ? r - Buyas rates fin- Jonr-momb bank Mis 92 Ss3-9Di* per cent; /ouMnaoth trade M Us IM per cent. 

Approximate t eli i ns rates tor one-mo mb Treasnry bQls Sin-Sfisz Per conn two-snmth tta* per cent: abd Um-^momh 
*.*!>■ j . -Mynv 1 »a *e aeUlnB rate for onwoomb bank bills 915»-81 per cefit; utd iwo-maath SMISig per cent: and 

ihR^nrath 91-9! -per .cent. Oae-motah trade bills JOJ per cent: two-momh 10! per cent: and also thiM-miHitlj id* per rani. 

Fteanea H— 53 Base Ram liwbusbed oy the Pioance Renxs ASavetadoni: 10 per cent mat July L |97n Clearing Kami 
Dennstt Uot small sums al seven days' notice 1 Bi-7 per cent. Orarinp Bask Nan ftam for lep-i-no 10 per cent. 

Treasnry ate* r Aren&« tender rates tS diswont 3£430 per eeat bwmunt » per 


touched a low point of S192J-193*, 
before picking up as Ihe dolla’r 
eased in late trading. 

In Paris the 123 kilo gold bar 
was fixed at FFri!7,450 per kilo 
($194.04 per ounce) in the after- 
noon, compared with FFr27,850 

($197:14) in the morning, and 
FFr37,800 j $196.85) Monday after- 
noon. 

In Frankfurt the 12* kilo bar 
was fixed at DM12,715 per kilo 
(5193.36 per ounce), compared 
with DM12.860 ($196.31) previously. 

MONEY BATES 

NEW YORK 

Prune Rate 4 

Fed Funds 7,635 

Treasury Rills iW-wcckl 6.45 

Treasury Bills iSfrvcelO ......... 7.44 

GERMANY 

Dljettum Rale .. 3 

Overnisbt 3.5 

One moatit sj£ 

Tbree months 3.75 

Six months tip 

FRANCE 

Dtsmoni Rate vjs 

Overnlchi 74 

One month ’ 74JIS 

Three months T jg g 

Six months B .m 

JAPAN 

DiKCOunl Rjle 3j; 

Can 1 Unconditional ■ s.ob 

Bills DtMTUJor Naif ... 4475 












































20 


Financial Times Wednesday My 28 I97S 


r 

?r 


WORLD STOCK 



Mixed changes on Wall St. at mid-session 


INVESTMENT DOLLAR 
PREMIUM 

52.60 to £1—99}% (103%) 
Effective 51.9265— 47f% <50’%> 
AFTER STARTING on a firmer, 
note, Wall Street stocks tended to 
ease back to leave a mixed 
picture at mid-session alter a 
reasonable business. 

The Dow Jones Industrial 
Average, after improving to S33.51 
at the 10.30 ain calculation, slipped 
to S30.Q4 at I pm for a net loss 
of 1.56. The NYSE All Common 


Closing prices and market 
reports were not available 
for this edition. 


Index was 5 cents off at $34.53, 
after hardening to S54 M. although 
gains still held a slight lead over 
losses at mid-session. Turnover 
increased to 16.S4m shares From 
Monday's 1 pm level of 13.52m. 

Analysts said the initial gain 
was mainly a carry-over of 
Monday's late recovery movement 
which kept the net market loss 
to a minimum. 

Newton Zinder. of E. F. Hutton, 
said the market had ample reason 
to drop sharply on Monday, and 
the fact that it finished on an 
uptrend, although still in the 
minus column, encouraged in- 
vestors yesterday morning. 

However, analysts said worries 
about rising interest rates, the 
health of the economy and infla- 


tion continue to cause Investor 
caution. 

Airline issues dominated inves- 
tor attention. Eastern Airlines, the 
most active issue, added .f at $14} 
on higher second-quarter . net 
profits- . ' . 

American Airlines, in second 
place, gained [ to S14J, Braniff J 
to S15. Pan American J to S7J and 
TWA I to $24. all in active trading. 
Delta picked up i to S50J. 

Rowan lost 21 to S2lf--Chieago 
Bridge and Iron has withdrawn 
its offer to buy Rowan shares at 
S24.50 each. 

Consolidated Edison slipped A 

to S231 on reporting lower second- 
quarter earnings. 

Phillips Petroleum shed { to 
S3i; despite higher second-quarter 
earnings Other oil issues showed 
fractional changes. 

A number of drug stocks were 
stronger. Smlthkllne rose 12 to 
S9Q{. Warner Lambert J to $29 J, 
Eli LilJv i to S4B2 and Schering- 
Plough' i to S34!. but Sterling 
Drug, which reported higher 
.second ouarter net profits, eased 

THE ^AMERICAN S.E. Market 
Value Index, after reaching 152.08, 
was still 0-23 up at 151.89 at 1 
p.m. Volume 2.06m shares 
li.flOm). , 

McCulloch Oil. the volume 
leader, added 1 to $51. but 
Amdahl, which announced a 
5100m credit pact, eased I to 
$385- 

Tokyo 

Market started on a firmer note, 
but with the dollar falling to a 


new record low against the yen 
in Tokyo, share prices 
subsequently turned downwards 
again, Jed by export-orientated 
issues. The Nikkei-Dow Jones 
Average closed 15.56 lower at 
5.562.45. Volume was a moderate 
230m shares, but up from 
Monday's total of ISOm. 

Sony fell Y50 to Y1.61Q, Toyota 
Motor Yll to YSS7 and Pioneer 
Electronic Y30 to YI.720, while 
Fuji Photo Film receded Y9 to 
Y521. 

Nippon Telecommunication 
Construction retreated Y9G to 
Y3.41Q. Kokuyo Y60 to Y 1,3 60, 
Seta rifles Patrol YfiO to Y2.21Q. 
Matsushita Communication Indus- 
trial Y50 to Y1.370, Victor of 
Japan, Y40 to Y1.300 and Kanto 
Denki Jojl Y34 to Y765. 

Public Works issues and Oils, 
however, were higher, with Oil 
companies expected to make 
further foreign es change gains. 
Pharmaceuticals also recorded 
improvements against the trend. 

Hisamitsa Pharmaceutical added 
Y103 at Y 1,090, SS Pharmaceutical 
YflO at Y712, Nippon Cheralphar 
YSO at Y1.230. Kaken Chemical 
Y70 at Y1.980. Yoshilomi 
Pharmaceutical Y54 at Y590, 
Tokyo Tan a be Y44 at Y543. K. 
Hattori Y40 at Y1.S30. Melto 
Sangyo Y35 at YS10 and Rikcn 
Vinyl Y35 at Y430. 


Germany 


After Monday's technical re- 
action, stock prices resumed their 
advance across a broad front, 
spurred on by strong demand 
from both domestic and foreign 


investors. The Commerzbank 
index rose >6.5 to £13.0. 

Among Motors, Volkswagen 
moved ahead. DM 5.70 and BMW 
DM 550. Bayerlsche Vvreinsbank 
put on DM 3.50, while in Stores. 
KauThof advanced DM 2.20- Demag 
were. DM 250 firmfcrin Engineer- 
ings. Chemicals and Electricals 
registered smaller gains rarely 
exceeding DM 1, although BASF 
climbed DM 1XO. 

The Donjestic Bond market 
showed signs of fresh weakness 
after the recent steadier per- 
formance, Public Authority issues 
recording losses ranging to 25 
pfennigs. The Regulating 
Authorities renewed their pur- 
chases. buying - around DM iSm 
nominal of paper after .selling 
DM 23m the previous day. Mari* 
Foreign Loans, however, remained 
steady. 

Paris 

Bourse prices . closed mixed in 
reduced 1 volume' in .what brokers 
described as a session of consoli- 
dation fallowing the continuous 
upward movement of the market 
in the last two weeks. 

They remarked that the market 
indicator was little changed 
yesterday despite favourable news 
late on Monday afternoon that 
France’s trade surplus widened in 
June and a lowering of ihe Call 
Money rate to 71 from 7; per cent. 

Banks, Motors. Electricals. 
Hotels, Oils and Rubbers held 
firm, while Foods and Construc- 
tions were mixed, but Stores and 
Chemicals were somewhat easier. 


NEW YORK 


Fln.*k 


Juli 

24 


J ill v 
21 


A ■•>■41 Lai— 1 

A-l>lrv!'4ll»TH|>ll .. 
A oi nil l.i1»A.Olfc.. 
A i- IViilin'l- 

Aiimn.Miiiiiiiiiiiiii 

Al.-*« 

Alloit. Lu*il 

A I Imlioitr IWei 
Allipit I tomh.ui... 

A 1 1 It* I Si. in- 

A 1 > i— I'lialmort ...] 

A MAX | 

Ainemii* Hi-t..... 

Amor. Airline*.. [ 
Anier. Untiiil-.... j 
Amor. Biumlm.*! -j 

Amor, run I 

Amor. < .vmwuiii-! 
Amoi. l'i-i. I ol- 
Amor. Kin*. IVi» 
Amor. K\|*re".... 
Amor.Hnino l'n»' 

Amor. Monial i 

Amor. Mi-Ii-r- j 

Amor. NhI. lilt-.., 
Aiifa-r. .riail*liTOl..j 

Aniol. Mi 4o- ! 

. A hut. l ot. X I vl.; 

A int-lck | 

A >1 F 

AMD 1 

. Aimj+\ ! 

All'll", H. cI-iiil;. 
Alilim-oi Uiim-Ii..| 

Arimn Mw| 

A.S.A 

Awiiiou Mil | 

Awn' 

a - in* in i mi 

All. iil*:tihel*i 

Alii-" l'*lit Pit 

A VC 

Aim 

A \ ,i|i I'liiiui'l-... 

. Unit Uw> E'ovi ... 
Hank A mono*. .. 
H*nl.ots 1«. A.Y, 

. Jiunvi Uii 

Umlor I mu-mi'.' 

MoaliiiT- Piiml 

JR-lJHll lll-KOH'lill- 

belli Unwell 

Boniltr 

Boiianei *. .hi- 
Bothiohom ■Moei. 
Hiai-kL iNrirhor... 
B*h*iii« .' 

b*.i-o 

bmlefi 

B*ir^ XV* n loo 

Brauifl till 

ISiH.nn'A' 

Hi i-ioi Mycr, 

Bni. Pol. AMIJ... 
Bn<k|««v ill*—.. 

Hinn-w iL-k • 

-Hih'Xiii- Kno 

Hiiioi % 

Hun iiiumii Alim. 
Hiirnui-I.- 

C-H lllf iIh.-Ii 2*>iii|..., 
liim.iuin J'.i.-iln 

i mini ill..' 

.Im-nnimn 

f»rri* i A liotlomii 
i. hi loi Hhhioi ... 
liiOJliilim Tracl**, 

I'll.' 

•.■,*u»lu.-i*«.*ir|,ii... 
LViiim, a 

Orrawiwi 

U ■*— iw Aueiall . ! 
l'h*-o Mm i lutl Inn, 
l lioiiiii-nl Ilk. N Y ( 
lh«i'i"li P*iii.,.| 

Chos'io .-'.riii' m. ■ 

. l liMiiR.i Hi 

I'lii.V-ier 

I inomiiH 

I Hli 1 . illllUM 

».:t hw !■ ' 

.1 iliu*. >or\ iii- 

I It V (»IH",IIII|*...| 

li-.' 1 •'!* ! 

I i.l^alr I’niiii.. . 

I, •lllll* \ikiii-ni. | 
I ■■ iitmo.H i i.t- ... . 

(.■■In In l*i> •!. 

I •■ni.lU-L'ti.i.lA in 

■ l ,.,l|lH|-Ull|| Kll”. 

i ■ ■iii - « 1. 1 1 , mi Ki|,.., 
I ■|ii , » 'III KiilMin.' 


A4i 3 
22j* 
38:, 
zr-g 
29!, 
41. g 
16* 
mill 
35-B 

24 U 
34U 
37* 
28* 

!4* 

49 .'a 
SOI.. 
415a 
3Qij 
aS ' 
to*s 
36 
295* 
271, 

31- 
4l5g . 
45 
345* 
6ui* 
311- 
19ig 
34 l 3 
14lg 
3‘>l 2 
251* 

295* 

245, 

16»g ; 

145, 

351* 

4a> B 

311- 

Ui» 

271* 

b5>a 

261* 

24t* 

357g 

261* 

441* 

25 
371* 
194* 
37i* 

41* 

251* 

16. g ' 

59 1 2 

iiSJfl 

2HS 0 

50 ij 
147 8 
141, 
35Tg 

161j 

3j5a 

15ig 

18 

B . 
4k I a 
72ij 
a5 ! 
18 
Hi* 
30 I 
1 17s j 
lo.'a 

57 i 
541? 1 

415* 
lto'H . 
19i, 
42 

ox*a ' 

aS'i* 

24 

aojj i 
65ii ; 
li 
4 »* 
oOjh 
24 l H 
4 , 

131* 

4 1 
20 >« 
111“ ■ 
2/ 
Slhl 
1U4 
401* 
15- , 
271, 
21“ 


345* 

225 8 

3Bi, 

271* 

28i i 

423* 

161* 

1SU 

35T 9 

231* 

34 

371* 

29 
141g 
50 
501- 

417, 

30 

34 
23*j 
365g 
30 
281* 

55* 

41 lj 
45U 
345a 
601* 
321* 
ibis 

35 
141g 
30J« 
24-* 
Z9i, 
24i 2 
l&ij 

151* 

35i s 

481- 

3lJ* 

101* 

273* 

56 

261* 

24 

36 

26 1 g 

44oa 
247* 
371* 
iy as 
38 
41b 
23>b 
18s* 
594* 
28'- 
2 8^, 
301* 
141- 
141, 
361* 

167g 

oat* 

151* 

18 

6T* 

401* 

721* 

34** 

In 

UU 

29is 

1U, 

174* 

57Jfl 

54i s 

4H* 

lbi« 

197„ 
41i* 
321* 
591= 
24 
307* 
541* 
11 
45* 
50A| 
241* 
47 -iH 
14.* 
41 
204n 
ill* 

263* 

21*9 

16L 

4l)7 6 

16'a 

27i, 

21* 



■ ■■■■■III. >l,l,-lllli'. 

42'* 

42 U. 

Inti. + ia \ '.nr | 

t4i, 

aa 


C ■•nt|iiili'r>o a iiniiX a ' 

121* 

ll*t 

Inn. Hai^erier...| 

36 1* 

4fi»l 

.. 

(-■mu Lilt- In-...,.. 

5&i* 

38^* 

lull. Mini llicm 

a I** 

d7i 8 


• '■■m-au . • 

lUl; 

IUI- 

lull. Mini Hi*., >..l 

am* 

20.8 

- 

(■ .ii. Mi *. .ii A.l^ 

25*g 

23*« 

Ihuj | 

lb‘H 

16'z 


l .in-.il 1 m»l« ' 

25 

2510 

lull. l'«|H>l 1 

4U** 

40** 

IS* 

<.■>11-1,1 \«l. tijlfc.' 

381* 

38 

1 l*J | 

*4'a 

34 


1 ■■!«*• nil l«"r I'l < 

23 1, 

23'* 

Ini. IhvLilMri | 

li>* 

111* 


l .'HI liii'illni lu+i 


l:8ifl 

till. J'ei. A lei.—j 

30 

30's 


1 (-mil ■■■.■in ill ■ t|i ■ 

25i E 

■*6 


1 

1 

■■ 

l . 'llllK-lllHl Il-lpl 

ln.n 

l5i( 

lnwa Ihti | 

561* 

36>* 


• •■nli,.| I'n In 

361; 

361* 

it InieriMiiniiK 

U-w 

IrtHj 


CiHip^r In. In- .....! 

55i; 

551, 

J mi Wb 11 er...._..| 

2m, 

28 t a 


S,i*-k 


Jul v 
24 


J ill V 
31 


l.— mum li 55 5g 
I'CL Int'n'lii.nMl, 49 

Crane 28 

i. nvkoii Am ! 263, 

i ntw n Zei i ort -u-l ■ ! 5 2 
i. ii in mill- Knumo, 37J, 
Cum— Uri“lil...| 164* 


Unix* 27<| 

Dnrt I iiiliL-ino-.. 45 

l/oore 32U 

liolMiHilo 28 

lioHoiu 94, 

Uoniapi.v Inter... 22 39 
I loir, Kilio»n.... la. a 
liinninihlslMiiirk 257* 

l | iou,|ili"iie Is 

liijiim 8 i|iii,i ... 45i* 

Llisnoy iWhIii 401- 

I ki'orioiiri'ii 431* 

lk.» Clieuinai.... 23^* 

27 

Kronor 421* 

Ull(-illt 1121 s 

I'ymii liiiiu-lnoo 30u 

iUl'Io Pluiie, 2H* 

Ham Atrii nm 14 

fejisimnn Kolnk.. 5eJn 
tbiitii 36 is 

2- li. A li < 275 r 

Hi 1'nm .Nnl, I in-; lclj 

Hiiw i 321; 

Kmon- m K 1 o".t rlcj 3 5 . * 
hmorvAlii'r'u-hlj 241, 

Km I inn 39 

K.M.I < 2i* 

Hii“OJli*nl i 22is 

ILninrk I 29 

Ktli> I - 21 i B 

bsxmi j 44d* 

In, rein iii tmiieini 30 »b 
H eil. Uepl . Sl.iioH abSg 

Hi ml. me l'iil* I 131* 

Kill. >nl. bhmlmi.j 28'* 

HoAitno j 2 ulg 

Kluiilkiiio | 32 

Hluriit* Htmor....] 315g 
Klum | 35 

K..U.C 23S* 

Kuril Mutiv • 46Sg 

Kurcino* I lick . ...1 21 . a 

Pi'xLmru [ 381* 

Knuiknu Mini....; W >8 

Ftw$*-i Muieinl' 261* 

Kruehnui 29 J 8 

Hague li* I- I 107a 

U.A.F 131* 

f.nnijon , 46lg 

lien. Auier. im... 10 • 

U.A.l.A b 7 

lien. Cal no j 167* 

lien. Uynamk’*...- 7ai* 
lien. Klix-lrw....! 64 

Ken. Kr««lp ! 32'* 

■ iOnOTHI Mlllr ....^ 311* 

Iroiienii Mutur- 605* 

lien. Piii^ L l»l 1 181* 

lieu, signal 1 30 

Men. Tel. fcletl-.! ie9 

•mi. Tire. j 263, 

Oencvox 55, 

■jeur^ia I'aeilk '. '1 2 &I* 

Uetiy Oii nn I a7 | 

iilleite ; 29 >'* : 

■juuuneli B. K....j zn 
luol.voni lbs* . 

lifiukl ' 301* ! 

(ximi 1 W. K I 26j* • 

<il. Allan I'm; I'm 7ig ! 
im. XtHili li„ii.| 261* 1 

Iire.i lii.idii 121 * | 

Hull A Weiioiii,! 137,, | 

Cull Oil ; 2033 • 

Hnliltun.m ' 62 

Hnnun UiniiiK...] 42!, 1 
Uni iti-ellleKOi — j 151, 

Haiti- <.,itiiii 1 60 1 

Hem/ H. J 1 1 | 

I IoiiIiIoJii ............ 2b lj | 

llo«le Pai'kanl,..) 835* I 

HlillllB> Inn- j 1 13, j 

Hunienlakr 37 ■* . 

I Uilie.l we, 621 * i 

Himiei 113* j 

I !■ h T,'. ' mol ! 341* 

Huii-tiii Aal.liar! 25 ! 

H 1,111 4 I'll. AM. kill; 107* I 

Dili 1..11 (H.H.I ■ 153* 

IA. . Iinlu-li ive...) 261® 

IAA 417j 

llluerMui liaitii...- 08 
In inn- 1 Sun | 37i» 

liihik-i ! 141, 

HIM .1 270.75 270.25 


56 

49 

271* 

263, 

321* 

371, 

lbi 2 

275* 
45 
Oil, 
28 
10 
227* 
131, 
251* 
lbi* 
45 
40 
43 
43 7g 
27 
43o0 
II2's 
oOi* 
21W 
1334 
58 
381* 

261* 

lbag 

32 

371* 

2o7g 

391* 

23* 

22 

i 291] 

; 2i4g 

! 45 
. 30*8 
365* 
I 133* 
. 287g 
| 205* 
32 
31* 
I 35 i a 

I -23ij 

45* 

I 211* 

M'S 
! ** 
: 2bi- 
[ 30 
1 101 * 

| 137a 
461- 
.975 
27 
167J 
34i. 
52* 
521* 
31<x 
MU* 
181* 
29i, 
287, 
261* 
5*. 
27 a* 
371a 


29j, 
22>e 
lbi s 
3U1* 
261* 
7Sg 
26 is 
127* 
14 i a 
235 fl 
62 lg 
32* 
16 
60* 
•+03* 
2bl z 
833* 
17bg 
38 
61 
ill* 
34* 
24-8 
U'» 
16 
2b Ls 
42i z 
581* 
37* 
14 


S|.*-lt 


Jmy 

S* 


Juliii- Mnn, 1 1 ie...| 
•lotin-nn .lohnwin; 
JuhnMiii Cuuiiol.j 
4 1 . v ALAnu 1 a euu t 
hL Mm L'tii |i 

Kairei Aluniiiii'in 
Kaiser Imiunii it* 

Karnei bieel 

Kay „,| 

KeonecKti I 

K'ok ll.-6'oe { 

In. Mo Wnllei | 

kunliei ly Clerk.. I 

kv|i^rn.L I 

hraii j 

I 

LeHben-H.v 7 ian»..j 

Leri Mr-iiw. 

IdUiy Uv.Kwal.,.) 

I Jmtel tirniip 1 

Ully iEI.it ' 

Lttliin Inrtutl 

Lnvkheerf Alivrli 
L*>ne Star inilut. 
L/iiik l«lnn<< Llit. 
I^Hililann Lathi,. 



Lu.d<y -■3I1TVT. } 

L'ke Y'mifi-l'wn.j 

MxrMiHiin ; 

Maey IE H.._ 

Mill. Han--ver.... I 

Maiar 

Unmlhi'ii (HI 

Marine Mi>n«n>l. 
Man hall Flelil ...| 

May I.*epl. ~t-ire*i 
MCA 

.VliJjeniH.il L : 

llvlkmiien Unua' 
HcUnin Hill..... 

MeiikHe* 

Mcrek - 

Merrill Lynch..... 
Mona PfcUiilOUUI.' 

MiiAI • 

Minn Mini: AMl“| 

Moiiii L'urp | 

Momouito- 

Morgan J".P 

Uuinmla 

iliiil'liy Uli : 

.SaiuacM...... 

Anln.i L'homliaii ... 
Anllunai On [ 

,\»i. Ui>tlller> I 

■\ai svrvure luU.I 
Aacionai 6teei....| 

Naiirtiia* 

ACK ; 

Mepniiielmi'. • 

New briuumii Elj 
■New Engiamt lei 
\iagaia Mnhawk, 
Nlajpini bl«,e....| 
N.L liuliiwie*...; 
.\nnitikAV\e>ieiii. : 
Xurth Nm. Ha-.. ’ 
Mini, slate- Par 
iNllnwl Alrlliu*, 
Mhwer-i. Baju-or,^ 

.S.jrliia 

iksuleniail’eirx.ii 
Ugllvy MalhoO-..; 

1 *11X1 Erii-un I 

Him i 

■ ivemeu 8bl|«... 
Uncus L'ornui- _ 
Omena lliuoik..... 

twill, (iaa 

I'anru- Light mu . 
Pan Kwr. t Ud.. 
Pan Am Worn All 
Parker Hannitin. 
I’eau." ly Inl.l.... 

I 'on. a L.... 

1‘onny J. I 

I'earurtll ' 

Hoijmfs Drug 

Hon] ne« Una j 

l'e(*k-n.„ | 


1'erKlli Hlnlor.....| 

He* ; 

I'hnT 

I’lielps (Jungw.... 
I'lnlBilelpliia Ele.' 

I'hUiii Morns 

Iliillips HeiiiVm.' 

I'llslmry I 

I'll nev Biweii....; 

Hiiisinn ' 

Hiewey Lkl AUKi 

iVhrold i 

Hi -tomac Klee. .... 
Hlli Indiiainee... 
Hrcmter GaniMe .! 
fill. Serve Klee . 

I'ullmnn J 

Cures ; 

U linker Uni- 

Kapul Amerioui. 

KayLlwuU .».J 

Kf.V J 

lh,nui>ik-Steel^.. ; 
Kesortr 


28*8 
82*8 
27 1 a 
33I 2 
25 1 g 
323* 
2 lg 

24 7 B 
13i« 
22 
435s 
341* 
45o* 

an* 

46 >c 

34 lg 
335* 
33 1 g 
2 b 3g 

33*g 
477, 
22** • 
23ii ' 
21 

1678 : 
21*8 , 
397g , 
16*8 : 
7i* , 
11 ! 
4lij . 

35 • 
31*« 

47 
IS 
211b 

24*a ' 
52 I 

25 1 
06 

227, ! 
68U , 
59 1 2 ! 
171a I 
3258 ■ 
383* . 
58 1 

621, ! 
49V« I 
i«ta 
475, ! 
396, ! 
20 »* ' 
28sa 

177, ; 

21 1 8 ; 
15 >* 
331* 
431* I 
551, : 
20 

21i* , 
43J, ! 
14 \ 

105* 

19 

241, | 

366s • 

2oia 1 
287 S ; 

MU I 

l&lg I 
21 

obi* ; 
1 B*« 
147 ( I 

24 lj t 
31*. ; 

kdi 
241, 
lb lg I 
217g I 
7*S I 
255, | 
24** 1 

2 1 I 
37l« 
k6l« 
III; : 
341, | 
30 _ | 

251. ■ 
54l a . 
33** l 

22 1 
17*. J 
70 If) ! 
aS ! 
416, ; 
240* ; 
23*4 J 
17.5 | 

441, = 
la 

278, ' 
891. 1 

at 7, j 

oai B > 

lbSg I 
24 ■ 

m* ; 

BO>, I 
271; : 
241, ' 
751* 1 


28** 

82** 

271, 

33 

251* 

324 

2 

26 1 2 
12*, 
21*« 
43i- 
337* 
461, 
2118 
464 
345* 
337 a 
33 
26*4 

36S* 

48 

22*8 

23l g 

21Sg 

187a 

214 

404 

16lg 

7*b 

lHa 

416b 

343* 

31*8 

461* 

lo 1 , 

214 

24** 
52. b 
244 
354 
224 
3B>2 

bU 

I7*a 

33 

3B*a 

SB 

b27j 

60*8 

464 

471* 

401* 

24*, 

281, 

177 B 

211* 
15'.g 
32 
435, 
5b*, 
207g 
22 
33 1* 

14 
107, 

19 

24*8 
364 
256, . 
285g 
24*, 
18 
21 
564 
lb i« 

15 

244 
31 1, 
205, 

20 7 B 
194 
22i g 

74 

254 

25 

2Ht 

374 

26T B 

111; 

344 

30 

25 

541; 

331* 

221 * 

17S, 

b9l, 

32>a 

41*.* 

247, 

23J* 

17i s 

41** 

Is 4 
27*8 
89 4 

2*S** 
381* 
lb'g 
241, 
Ilia 
BQI Z 
27 lg 
244 
76** 


llnlnn ; 

Keynnlria Mel nl*., 
IfeynuM* K. 
Kiefa'wn .Merten. 
Ib*'kireli Inier...- 
. Uobm A Bans ; 

Uovm Mulch ...—I 

JCTE 

Ku«> Log*. 1 

lly*er -y-lein ....j 

Salenny Store-... 
3|. Ji* Minormr.' 
?L lieu'- IVper... 

THQin Ho t mi- I 

3*ui lnvo-l | 

“nsitn lud- j 

Suhiil/ Ureivinu..| 
hehmuiberuei .... 

sCM | 

Tcull Caper 

Tnsilll .Mi, I 

kirliltr L>uti. 0{* 

Sea Coniatner. ... 

-Sea-ram 

SenrioiU.U.1 : 

■tbut Unei nek... : 

SKLKjO 

shell Hi 

Shell Inin-ir-ii... 
Siuml 

7l[liiplr Lq 

simpik-iu Cm ... 

Singer 

smith K'ine.„.... 

Sotumii 

sull«kwn 

-uuuilienilAii.Ktl 

kail hern L.a 

Slim. Nat Ke- . — 
soul Item lYieilli-.; 
suulltemKniluavi 

SomhiaiMf 

s'w'l Uaniharo-.., 

sperry Hindi 1 

sperry 

squib | 

stanilaril tinuio-. 
SUl.UilCaliliimui! 
3 I 1 I. Oil Iniluuin^ 

SUl.Uil Uhio. 1 

SlauH CheimuaH.' 

sieriinu Um« 

aiiatelMker • 

sun to _• 

suan-trnnil i 

synie* 1 

I'ech menhir 

I'ekimnii ■ 

lelnlyne 

lede*'. • 

■ eneo.i I 

rei-.rn Hetmiouuii 
l>*ni-i...' 

rexesRult i 

lew h»-Lom ....' 
I«M? I Ilfct'DI. 
to*u Oil A. 
lew L iiiiuo-,.,.1 

I’i men In- 

I'line- Minor | 

ilmken ; 

I'nuie. 

Tran sir ieroa_ ! 

Inna? 

Iren- L nmn I 

iru-mv llilr'n.l 
Irene Worlii Ail . 

I'raveior- I 

I'n Uoaiinenim* ..| 


494 I 
22ig ■ 
55 ; 

257, , 

asi-.a ; 
34 i 

60*« ! 
143, 
11*8 
as., ; 
41*8 

22 Sa 
281* • 
33 : 

67, ; 
ci* • 
13** . 
b9 

20** , 
16 

214 : 

t 1 * ■ 


IJl.W 

Aiuh Cernurv Foil 
b.AJL. r 

UAHCU , 

UU l._ 

unuever 

unuever NV 

Union banvorp — 
Uukki UrtiMe.... 
Union Cuuimem 
Union L'liCaiil.... 
Lmoa Hmcilic 

onimjai I 

Lulled Brarbln....| 

Ub lwn>-or|i. 

OJ> Gyi»-um 

uSbhoe...- — i 

L5 aloe"... —1 

L'S lechnoioBlc»-i 

U VlmluMneo 1 

1 itginia Klevl 1 

Waifpeen ...| 

WaruerSJonuii'u.-- 
Wanm- Uuni eft 1 
War Ur Man' mem j 
W*,l«-HnruO ! 

Western Hnn.<.rj I 

We-iern N.Ame, 
Wa-loj-n UdUhi...[ 
We-tiugh-r hie, [ 

IVuecu ! 

Weyei Imeu-cr .... ; 

WI 111 iprru '. 

While Cou, I mi : 

William [ 

WlMS^flslD 8loCJ.4 


291g 
24 
15*a 
227g 
3’i*8 
31*« 
42'* 
47 
365* 
131, 
191* 
88 lg 
a 

33*, 

43*8 

Id, 

36 

304 

515* 

26*8 

25l 2 

181; 

s2ha 

34 
274 
41** 
4&7j 
32 
454 
18 
64 *b 
431* 
491 a 
31 
las, 
404 

103 

54 

314 

101* 
25ig 
19 it 
38i 2 
b2>* 
251; 
2U7, 
43 

30*s 

46S, 

38 

164 

197, 

ioa, 

26ij 

23** 

361* 

18** 

a83* 

37** 

35 
24 

2 ia 
40a* 
55 
264 

3b 1* 

7 V, 
47 
444* 

/ 

95* 

3u 

*84 

241* 

27*8 

44*| 

2U 

1458 ; 

275b I 
474 I 
29** 1 
234 
275, 
59** I 
t94 

h'* 

21iS 


495* 

30 

65 >8 

257 B 

324 

333* 

60*, 

14** 

11*8 

234 

414 

22 L; 
27,* 
33*, 

6*8 

b4 

13Ss 

87 

201 , 

16 

2158 

74 

291, 
63 7g 
151* 

23 
377, 
315, 
424 
471* 
367 3 
124 
197 # 
871* 

34 

334 

254 

lblp 

36 

30*8 

52 

• 261] 
> 257 B 

i ias* 

42*g 
: 345, 
27 
. 41 
1 S07 a 

j ®24 

■ 43 

! lB 
1 b44 
, 434 

: 48** 
• 30*8 
< 124 
1 42 <g 
1 102 

o’* 
i 30i fl 

. 101 * 
261 , 
2D I a 
j 39 
! 821, 
264 
. 207 3 
! 43*9 
I 301* 
47 
1 37 
'. 16»« 
, 208 * 
36*4 
I 264 
28*8 
367g 

■ 18** 


. 

“i«ck 

J 11 tv 

:-« 

Jil'V 

21 

IFonlvrnrlta 

is 

18*3 

Wviy ...._ 

■3T e 

3: a 

Xerox.. 

£5 

541* 

Xapala | 

lb *2 

lt»5» 

Zenith Had 10 t 

14*, 

141? 

t'.S.Tre*- *% 1 

t94ifl 

941* 

I'STraaajCTi/irl 

»79.' 3 

79ij 

U.S. 00 ilay bill*.; 

6.81c 

”-04 i& 


Z7»* 

27 

20*4 

204 

20 

2d 


387* 

38 1 a 

341- 

237, 

201 , 

40 

D3 

nz 

• 4 

46** 

444 

7*8 
10 4 
304 
z7i* 
244 
274 

447, 

204 

14*e 

287 S 

48*b 

29*g 

23*4 

27** 

394 

29 

17S* 

21*8 

271* 

274 

21 

20 *, 

19*« 

28 


CANADA 

AhltiMi hi|*l..„ l 

Agmru Eagle 

A lean Aluminium 

Absonw Steel 

A-he-io- 

ibmk'H Mixnren .j 
Hank Xnva “tftxn* 
dnnic llrsnure.., 1 

dell Te'epbrine— 1 
Uovr Veliev Ind._| 

UP Lanada„ : 

I5 iwa.ho 

Brlaixi 

Uaignn Huner...! 

L amllinr Mute-...! 
Lnnniln Ceiiiem..( 
U-iutda MV Lnn.- 
Oui.lmp Ha.Uonr 

Lviruu in Jriilu-l ...] 

Uan. Hacllu.-.. 

Unn Ha, iRc Inr.J 
(Jan. super Oil...! 
■Jerltng il'keM* j 
C atalar Asler-lo-j 

i.rtirir«in....„ i 

Lominco i 

Ujn-. Kailuir-,.... 
Cuo'iimer 
rVv-eWa Kc-nuree-i 


10-iain 


1 


Unon Uevel. ■, 

Oenbon Mine-... 

Hum Miner 

Home l*«mieum : 
nonunion Urirtgi-. 

Uomlar. ; 

1>U|«HU 

Falcnn’iri' Nttke 
Fool Mutur Can i 

(ienstar 

Utani Yel’nkniie 
Unit UilLaiuuln..' 
Hnwker Shl.(J*n. 

HcHlingei ' 

Home On -A' 

Hui I nriii liey Miu> 

Huilson liny 

HinluunOO A Uat 

I.A.U 

Irtnucn.,..; 

Impenai Oil.. — 

1 1 wo — 

Iniial..— 

iiilanil Nil. link.' 
lul'p. r li** taiw’ 
keiner U«iOun-«.| 
Luurt Fin. Onrp.. 
Lublan Coin. -B'.| 
U -nnii'n liioe-H.; 
ILawey Fergumnl 

IL-Intyre 

Moo tv Clorpn j 

.vlountAindliiuiUa 
A urn m la Mloea... 

Nubsan bneno — 
Nthn. Tewk.THn ... 
.\uxDBL- On A Ob- I 
tJiL*axl I'eirl'm; 
H&ciuc Copper 

Hncifii- Peuvneiini 
Han. Can. Pet’m. 

Hal 1 do 

Heopm Oepi 6... 
Huu-neUan J; On... 
HlauerUevelOi'ml 
rowUnnwul'n 

Hm-e 

WuelMf. suirgenn 
KaiiiieK in 

Keeii Sionebuu e ( 

2 ir> Aiguiii^ 1 

Koya> 2k.nl Can.' 

Huyai Iru-I 1 

x-epl re U'-ouite. | 
iengrnni! | 

sliei* LariBiia 

?Uernn l*. .Mmv-I 

•iet«n- O. U ..j 

?iui|Mm 

'te*' 01 Lin on. in. [ 
Dloep Kcad* Iron..: 
fejueo Caiiaiuu..| 
Lon.<nu> Llom.bk.l 
1 ran r Can Hi peL*il 
Iran- Mount U*.. 1 

ITnsee ; 

Union Oar 

Ut*i. "iKWliine 
Welker Hi re in. — j 
iVw>LL'ua-LTraii .! 

vVe-Um Ubu. 1 


144 

6*f. 

33 
224 

t444 

23-4 

214 

4.75 

±8 

324 

164 

154 

74.2m 

39*3 

17 
1073 

1^4 
284 
tduij 
2o 4 
'214 ; 

b2** 
4.65 
104 ' 

28 sn 
27 *{ . 

29 

1 87a 

64 

124 

9 

784 

93 

•■*44 

to 

184. 

ns* 
254 
734 . 

301* . 
154 ' 
2b5g 

8 

404 , 

42 ! 
177j . 

22a* • 
454 1 
194 : 
335q ' 
19 4 ! 

18 

134 I 
12 j 
lDSfl I 
144 i 
fa** I 
4.5a l 
20i- 1 

11-8 j 

241 2 
o7*a 
3.7u I 
31 1 

io*e 1 
3»4 j 
043* 
4.4a 

2.00 I 

39*« 

3938 

lb 

5.87 

0.97 

23 

164 

1.97 

14 

314 , 
104 I 
351, I 
33** 

18s* I 

a 4 I 
274 j 
14 1, j 
6 

34 4 
0*8 

253* 

2.71 

43 s* 
2u4 
16a* 1 

9 1 

rio I 

114 I 
8 I 

34 1 

115* 
164 I 


144 

6*j 

325s 

227, 

444 

23 4 

215; 

4.7u 

58 

32** 

161- 

lb 

74.20 

397, 

Iii*' 

104 

l2l- 

287* 

214 

204 

214 

o2i; 

4.65 

10i 2 

ZSfc, 
21 it 

291- 

IB** 

64 

87b 

au 

924 

d54 

254 

1972 

14*8 

25 
73 

305a 

14*8 

281; 

71* 

403* 

424 

18 

224 

464 

193, 

334 

19 

181, 

13ig 

12 - 

155, 

144 

ba* 

4^5 

203* 

12 

247a 

a7i, 

3.70 
31i s 
lol; 
33 a* 
343* 
4.60 
2.05 

40 • 
354 
1s7 8 
6.00 
0JI8 
22?b 
lb*a 
144 
1.42 
a 14 
104 
3Sl| 
33>, 
ifa»a 
84 

26 4 
14** 
5.87 
334 

5*8 

264 

2.71 
44 
201, 
164 

8** 

;lb 

il‘« 

77 8 

341, 

11*8 

184 


t Bid. 1 Asked. ? Traded, 
f New stock. 


EUROPEAN OPTIONS EXCHANGE 


Apr. 



Aiiiw ■ 

V..I- 

. Lbm 

V.J. 

Lul ! VnL 

l*ut j $tn-k 

' ' 

\IIV 

F360 



3 

8.30 | 7 

14.50 |F36S 


A li/. 

F27.50 1 

10 

1 4~ 

11 

5 j - 

— |f29.BO 

l ." 

A KZ 

F30 

7 

: 2.40 

7 

3.20 1 1 

4 


Ah/. 

F32.50 

10 

! 1.20 

42 

2.10 ; - 

•' H 


llilt 

F75 

20 

: 2.70 

— 


— ! F7fr 

1 

Fh" 

54S 

S 

13i* 

— 


_ 8581* 

.1 

KK 

S50 • 

13 

. 9 




— . . • .. 

,r 

1 

KK 

)60 • 

2 

! 3'8 



— i — 

— i 


FMJ 

F25 • 




3 

ii, 1 - 

- S24I* 

\ 

•i'l 

S50 

1 

1 if 

— 

_ . 1 

— ■ 1 

— S60'.fl 

■ ■ 

H<> 

F32.50 

10 

4.10 

5 

5.50 ! - 

— -F35.80 


llo 

F55 

5 

. 2.50 

13 

4 — 

— ! >• 


Ilo 

F37.S0 

46 

1.50 

6 

2.40 ! - 

— i 


1 r.M 

3340 

5 

32 

— 

— - — 

— ; 5271 


1 M II 

>250 

4 

16 

1 

20 1 , 1 - 

1 .. 

■1 

IU H 

>280 

S 

51* 

2 

flu : - . 

— 1 .. 


hi. ii 

F140 

2 

22 

2 

24 ; - 

- I ri59 


hl.M 

FI 50 

11 

16 50 

7 

18.60 : - 

— 1 .« 

C i 

hl.M 

F160 

26 

10 

5 

15 j - 

— f •• 

:e 

Kl.M 

FI 70 

b 

5 

— 


— I 

« I 

KLM 

FlBO 

_ 



21 

6.30 : - 

1 H 


KLM 

F190 

_ 



20 

5 

*— 1 „ 

i r 

KLM 

vaoo ■ 



! - 

It 

3.50 ! - 

1 „ 

n 

KLM 

FH20 




32 

2 ; - 

— 1 

1 n 

PHI 

F27.50 

13 

0.70 

11 

120 | - 

- JF2G.30 

| 

rim 

iHO . 

__ 


3 

6a, ! - 

- 



S45 ! 

5 

3 



- I - 

— , 

■A' 

Uli 

Y 120 ;■ 

11 

15.50 




- IF13S.30 

M 

III* 

F130 ; 

19 

7 

5 

7.50 j - 

__ I 


HI* 

V140 I 


- 

20 

2.40 

1 " 

• i:m 

FHO 1 


- 

IO 

13.50 - 

— ] F12Z.20 


IM 

F 120 | 

6 

a 



— 1 

S' 


■ 

-Vmic. 1 

X.. 

I F.+.. 1 


SLR 

S90 ; 

— 

— . 

2 

5*i ! - 

- I ssoia 


BASE LENDING RATES 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Ctuce, 10 % 

Bank of Cyprus 30 % 

Bank Of N.S.W 10 % 

Banque Beige Ltd. ... 10 % 

Banque du Rhone 10 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

I Brown Shipiey 10 % 

Canada Perm’L Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 30J% 

I Charterhouse Japhet... 10 % 

ChouLartons 10 % 

C. E. Coates U % 

Consolidated Credits... 10 ^ 
Co-operative Bank ... v 10 % 
Corinthian Securities . 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk- 10 % 

Duncan Lawrie 10 % 

Eagil Trust 10 % 

English TTanscont. ... 11 % 
First Nat. Fin. Corpn. 12 % 
First Nat. Secs. Ltd. ... 12 °& 

i Antony Gibbs 10 % 

Greyhound Guaranty... 10 

Grind lays Bank tlO % 

I Guinness Mahon 10 


* Hambros Bank 10 

■ Hill Samuel *10 % 

C. Hoare & Co TlO % 

Julian S. Hodge U % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 ^ 

Keyser tnimaim 10 % 

Knowsley Sc Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 11}% 
Midland Bank 10 % 

■ Samnel Montagu 10 % 

■ Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 
Rossminster Ltd 10 % 

. Royal Bk. Canada Trust 10 % 
Scblesioper Limited ... 10 % 

E. S. Schwab 11»% 

Security Trust Co. Ltd. 11 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Tnistee Savings Bank 10 % 
Twentieth Century Bk.,11 % 
United Bank of Kuwait, 10. % 
Whiteaway Laidlaw ... 20i% 

Williams & Glyn’s 10 % 

Yorkshire Bank 10 % 

■ Members of the Acccptlos HooseE 
CommirtH. 

* •IcpohIt* 7^1, THDonib deposits 

t 7-day dL-posirs on sums of riO.WO 
and under K-l, up to C5.0M "i'.j. 
snd over £25,000. m*v. 

* Call deousiis over 11.000 7^;. 

5 Demand depwiia 71".. 





■-■■■ CFF. International edged up i to CS13J. 

Finsuiciere Union Euiopeennc, 0527 0 “ l0WOP 

Guyenne, BoreL Poclain. Arjomart, Ilrst-half net proBts. 

CGE. pompey. Priroagaz, Dollfus- -|y Ti ft n<r 
MieR and Maritime Charge urs XlODg XVOng 
Reunis. but declines were p ur ther widespread gains 
sustained by CIC, Schneider, occurred in active trading on 
Olida. Bouysnes, JFUeber, Sagem. raain |y | 0ca [ demand. The Hang 
Legrand. CFR, LefcbvT* and ^dex closed 6.06 higher at 
Vallourec. .57S-02. with volume totalling 

. ^ ’HKSl6357tn (HKS105.7Sm). Lij^it 

Australia profit-taking was noted around 

Stocks were inclined to make mid-session, but was well 

further progress in increased absorbed. . . 

activity, although some issues Hong Kong Wharf led the most 
turned back later. active shares with a pain of 

BHP touched a new 1978 high HKSt.lO to HKS2B.40, while the 
of AS7.74, but subsequently eased Warrants firmed HKS5 to 
to AS7.6S. unchanged on balance. HK$70.50. 

Among Retailers. C. J- Coles Amonp the Blue Chips. JanLne 
advanced 15 cents to AS2.17, Mathcson rose 30 cents to 
buoved bv a 20 per cent rise in HK$ 15.70, Hong Kong Bank 
annual profits— the company also o 0 cenls t0 HKS19.50 and 
announced that it has bought Hutchison Whampoa 5 cents to 
from K-Mart, of the U.S« a ol per HKS6.45. but Swire Pacific eased 
cent equity interest in the Local 5 ccnts to HKS9.03. 

K-JIart opera Gon in a cash ana 

5h l r ^h^ al SIS' ihe^Ta Johannesburg 

and cofTee merchants, moved Gold shares turned easier, 
ahead SO cents to .^5^0 in reflecting the reaction in the 
response to the take-over bid from Bullion price. 

Brooke Bond Liebig, of the UK. Mining Financials were mixed 
Grace Bros, put on 5 cents to in a small trade. De Been came 
AS2.20 afier news of its back S cents to R7.03. Platinums 
purchase of a 20 per cent holding were irregular, while Coppers 
in J. B. Young, a Canberra-based moved lower. A softer tone pcc- 
retailer from Burns Phiip. J. B. vailed in the Industrial market. 
Young added S cents at ASl.^o. 

In the Sugar sector. CSR rose Switzerland! 

S cents to AS3.0S and Bundaberg „ V . * J , 

10 cents to AS3.30. Mondays doumward drift gave 

Coals remained firm, with Utah way to a mixed performance yes- 
rising 5 cents to AS4J25 and terday in light turnover, with 
Thiess 3 cenTs more to AS2.S3. sentiment aided a little by the 
After recent strength. Uraniums Swiss National Bank's measures 
showed little change yesterday, to ease money market liquidity, 
although Kathleen Investments Domestic and Foreign Bonds 

were 5 cents higher at AS2.i». gained ground in Livelier trading. 

Gold Mining issues came in for 
some light profit-taking on a Milan 

belief that the gold price has . . 

peaked for the time being. Central Further „°qd _ains were 

Norseman reacting 20 cents to recorded in active trading. 
vc-ooq Several State-controlled stocks 

rose strongly, including Finslder 

ponarla and Ifi iWdcr in the Steels sector 

'~<*ndud. and AMC in Chemica | s 

Shares returned to a firmer tack Fiat, however, reacted 16 to 

yesterday morning in fairly active L1.79S in Motors, 
trading. The Toronto Composite A ■. 

Index was 12 up at 1,181.1 at noon, Amsterdam 
while Oils and Gas gained £5 to Markel mado a firmcr sht)winffi 
l.alS^o and Banks_ 0.4h to -S4.40, wjlh R oya | Dutch, among Inter- 
but Golds shed —o to l,a*3.6 and nationals, rising FI 1.40. 

Papers 0.53 Lo 122.13. Elsewhere. KLM and Algemene 

Among companies reporting Bank Nederland gained FI 5.00 
higher earnings. Placer Develop- and FI 2.50 respectively, while 
menu CS23;, and Leons Furniture, shares with gains of around 
CS14, rose j apiece. Loblaw “A” FI 1.00 apiece included Nationale 
gained 5 cents to C$4.40 and IU Nederlanden, Rollnco and DelL 


NOTES : overseas prices shown below 
uxctndr S premium. Frisian dividends 
arc alter withDoldirc rax. 

4 OMjO dmom. unless otherwise stated, 
fields based on net dividends plas lax. 
V Pias 500 denom. unless otherwise stated. 
4 Kr.im di-nom. unless oita-rtcisc srared. 
® F-7S.5IW denom. and Bearer shares 
unless olbervrise srated. t: Yen 50 denom. 
uniiss nihem-ise sutrd. s Price at time 
of simttnsion. « Florins. t> Schilllncs. 
. ren>« ./Dividend alter artrtine rioht* 


ana/nr scrip issue, c Per share, i Kraoci 
o Uross. rtlv. %. I* Assumed dividend after 
scrip and/or rtshls issue. 5. Viter local 
taxes, m lax free, n Francs: uichidlnK 
Umlac dlv. p Nom. a Share split, s Dtv 
and vieM exclude special payment, c Indi- 
cated div. u Unofficial iraduiK. » Minor I tj 
holders only, u Mercer pending. • Asked. 
t Bid. 1 Traded, t Seller t Assuiwd 
xr Ex richu. xd Ex dividend, xc Bk 
scrip Issue, xa Ex alL a Interim since 
increased. 


Indices 

NEW YOR K-”™ 1 


•KirIt i Iaot 


Indininal - 
B'meB'adi' 
Transport... 
CtlllllM-..- 


MI.WT liS.*" 1 S28.00, W9.C& 

-. 17.30 VSOt >7.10i B7.w| «.15j Vfl* 
319.83 2S84F S29.»j2ao| 2M.9ij 227.K: 
J 1K.5B IB5JJ7 IK.28r.lM.Mi !0S.» : 101.28, 


742.12 j HB1.75 4IJ3 

iZS/J kllti/ijij&'rjjg 





Wl -: M 2MMj a5«'sa,flM; W.MO, 5S.T8C7 


IN.I! 

M.M ; n>Ji 

i*/j, j \Uiti.i • j . 

( 19n.il .278.11 ! IJ.2J 
(6W ■ (3:n 

no, 89 ; TM-W ? 1Q49 i W.M 
bi-ij ! iaa 

! ■ _j-i 

' l 


1 Hurls id Index diensni Irani August 2* 


ImL div. yiokt X 


July 21 t July I* “ MV' “ tVoMidflnnui-x.j 


6.62 


0.36 


6.7b 


4.81 


STANDARD AND POORS 

i i i i i i — 

: July i July Jil'v l July l July • JdlT r * 

. “* ’ | m ; n i is ! iTj ■ Rum ; 


1378 ISIucftdiimpii«r. 
Unr ( Uigbi \ Lnr 




July 13 i July 5 j JowSH [ Ymrnp< 


Ind. div. virhl f 


I 5.07 


6.18 


a. U 


4 43 


Ind. I'.K i.'siio 


9.13 


8.95 


8.04 


Uuud yield i B.69 i 


8.68 


8.07 


10.12 


7.69 


H.Y.S.EL ALL COMMON 





Julv 



&i i 

W ; 

Hurb 

1 lain 

63.07] 

66-10 

66.20 

1 48^/ 


Riwni'and Patio 

• - Jutv 2* | Jmy 21 ' July 

1 — U45 traded^ ! li879 rCffia*’ i.888 


| i6.61 | \<uai 


Dun ..... n .M....H 

Falla... ! 

L tu tanged 

New Hlgli*. 

Now Low, | 


603 i 
823 i 
431 : 
44 • 
17 


B70 
859 ; 
443 
43 j 
12 !. 


BIS 

664 

419 

93 

? 


MONTREAL 


; July; July July 
B* j 51 20 


In>tu«insl 

Uiinihififki 


188.01 150.04 IBS. St 


Jg, j- 


1978 


Hu,L 


1B&.S& IBB.04 i&ljT) ! 
jlM.82 xaua ai,1\ • 


162 art lUUih 
ira.82 ijuii 


TORONTO C<uo|<Mlrj 1173.91181.9 j 1178.5! 

|f 

IlBUlZl/Vl | 

958,2 1*0/ 1! 

JOHANNESBURG * ! i 

(ioM ( 967.9' 2S2A i !45A 

InHiiMnml \ SO.P MO-? | 952.0 

959.8 f 

262.0 I 

267.0 (24,71 j 
252.7 (24>7) 1. 

1«.0 (3J4| 
184J liau* 

. Jli'v Prt“ ! I9W 1 IW8 

26 | vkou* ! tiifjh 1 Low 





Belgium ' • * 
Denmarki’”) Sf.Sl 
Prance <»■ 73.2 

Gcnnan.vi:.', YL5.G 
Holland M.2 
Bmp Kong 573.CC 
Italy U W-07 
Japan c«i <01.73 
Singapore 3^3.06 

.M- 


BeJa2; 


igb li (LJ) 

. lut.lh ) 91.43 
' ibfo? < (24rE» 
96S9i 9b. LS , U4.00 
_ __ i j9tl) i IM) 
73.6 j 73 6 


\ : 


t06.b 
84.5 1 
671.86 | 
83.57 1 


I t24i7j ! (3tS) 

61«0 I 769.4 


Sweden ie f . 5to. W ; 397.«6 . aBI.» a-n., ) 
. li-at J ■*> I, 

8 wiuerl'dt/| 239.3 ; 2S9.0 j Jafajw j LVAu 
^ I i i ,l3l.6| J ris li 


IIVjP) 

7b.O 

|44) 


|S1;7) 

01 M 

W'6> 

6Si67 1*5.44 
tbji) 1 114/1) 
64^q | t0.4& 
(19/11 j (10 ID 
421.67 : 4K5.81 564.04 
i (19/7) (4/ Ip) 
348. U I *3COl 2Hi M 
(UJ.'il I rlftit 


MONDAY’S ACTIVE STOCKS 

ClHRiM) 


Texan 

BurilntfCDD Imls. 
Comioontal Uort 

Polaroid ... 

Dow Chemical .. 

ASA ...... ... 

Ti-uneco 


Indices auo oase darn (alt nose values Brin Petroleum 

IDO excepi NYSE All Common — 50 

Standard- and Poors — ID and Toronto 
300— i.iHKi. tbc las’ oamed based on liRdi. 
t Excluding bonds. r 480 Industrials. 

1 4iio Industrials. 48 Utilities. 40 Finance 
and 2fl Transport. 0 Sydney All Ordinary. 

N Belgian SE 3I/I2/S3. •" Coorntwgnn SE 
t/j/'.l t» Pari* R*»iir*e '*1 tl Owiiwn- 


Slocks 

Chisms 

nn 

traded 

aniT 

day 

.722,7110 

SSI 

- * 

241, NS 

l>‘i 


276.300 

243 

+ * 

223. IM 

. -141 

+ 2i 

213 MO 

til 

- * 

2I0.M4 

241 

+ » 

196.100 

211 

+ I 

Ild.KOO 

Ji 


17J.9W 

5>i 

+ 1 

1<4.2M 

lnl 

- f 


faaoK Dee.. Util. . i| Amsterdam Inausmal 
1970 If Hans Seim Sank 3I/7 *h. MJMiuh 
2/IV73. a Tokyo Npw SE 4/VB8 b Straits 
Times 1966. .- Cki-wf. 1 ! Madriri -K 

30/12/77. * Stockholm indiinrtol I'l'X 
1 Sh'K* Bans Cnrnnratum u ttnavall.H>|e, 


GERMANY ♦ 


HMi 

■uocsstmn! 

nm 


ja 

a 

IX 



m 

_ 

Ailianj \e-ra-n.. 

478 -1 

31J 3 2 

BMM 

255.0 +5.5 '28JIh[ a.3 

BASF 

133.5 -“ 1.6 i 18.76' /. 0 

Bayer.. 

1.-5.0 +0.a 

18.75 

6.9 

B»ve*-H,vpo_ 

292.0 --2.5 

28.1! 

■*.9 

Baier- iereiri-L*- 

328.0,3.5 

18 

2 7 

uibnlm.Xo1.wri- 

155 —2 





UiDimmlsuib — 

231.8 T 1.4 126.56 

11.4 

L'-r.nr GnmmL 

80.7 +2.2 

— 


IHimier Bt/02..... 

325 +4 28.12 

4.3 

UPJJU—B — 

to7.5 + 1.0 

17 

5.3 

LteiUBc— 

163.5-^2.0 

14 

4.3 

LtruL-, he Bank... 

303.3 - 2.1 

28. 1! 

4.6 

Lhe-dner Bank.... 

243.4 t 1.4 28.1! 

6.7 

UvckerlMJl /.tail. 

197 +-5 1 9.3b 

2.4 

i*uteh.>Hnima 

209.5 + 1.5 

12 

2.* 

Hap**! Lknxl 

121SI-I 114.041 OA 

Uarpener. 

315.0 +9.5 K 16. 72] 5.0 

Hoe-hpi 

128.3 +0.8 lld./bi 7.3 

Heescb 

4’,^ -0.4. 

4 

4.2 

Henen 

142.5 +2.0 

9.36 

3.3 

Kail un.i >alr_... 

149.8 *2.8 

14.8' 

4.7 

Kuril mil 

331.0 +l.o 

23.* 

3.H 

Kaulhet 

242.2 -2.2 1 18./rJ 3.9 

Hio.-kner li.MlUd. 

93.5+1.5 

— 


hHU 

187 -r3 

18-76 

5.0 

hruppv. 

97 +1 

- 


Liuiie 

268.5-3.0 

25 

4.6 


1.450 -30 

25 

8.6 


106.5 -0.2 

9.3b 

44 



12 



174 ^3 

1/.18 

4.9 

1 

236 -2 

10 

2 1 


590 VIQ 

18 

1 a 

.Neekenruuro ....... 

132 ,t 2 

— 

— 

t'reosBBt; UII IOC 

123 +1 

— 

— 

kheln Men. Kiev. 

180.7 —0.5 

25 

6 9 

sctierin^ 

283 +3 

28. Iii 

4.9 

ieniem...._ 

289.0 +0.6 

lb 

*-b 

u.1 Zucker 

249.0-1.5 

ZbA 

5.5 

1 hvBsen A.G 

122.8 +1.8 

l/.lt 

7.0 

Varta 

185.6 +3.0 

14 

3.8 

VKbA 

128.5 +2.0 

12 

4.7 

Vwelnxi IVesl Bv 

293 

18 

5.1 

Volk^nnKcn 

236.2 +5.71 25 

6.3 

AMSTERDAM 





Price 1 4- or 

UivjYiI. 

Julv Ki 

Fi- I - 




106. oU". 5 



Akin iFiJDi„ 

30.1+0.3 1 - 


t \-«eni HuML- i.iOt f 365.0 i-4-2.3 

23.K 7.8 

All bV (Fi.lCl 

82 & — j.4 

DU 

6.0 


78.9! 



94.0 

26 

S.5 

I dnlca W^t'nu F1O1I 119.5 +U.5 

824 

6.9 

Bub mi Ten erode 

71.2. + 0.2 

26 

7.3 

MnerierV jPi^Oi. 

283.5; + 3.5 

27.0 

2.0 

bnmsX.V JJearer 

132.5— u.6 

37.5 

5.6 

■ 1 •■'•.iiti.il cm lr 

94 J, 

5.1 

I 'J \L^ P ' 1 Ti , Il 

35.6 — 0.9 

20 

5.6 


102.1* 

14 


| UiiORi .venal Pi JO i.i 35.9+0.9 



1 Hunter U.tFl.UXn 

| 25.8 +^.3 

12 

4.7 


1 160.5 +5.0 

b 

5.0 


1 48.3— u. I 

19 

7.9 

1 Xwuileu crl.li>}... 

34.3. — 0.3 

12.5 

3.6 


4b 



2! 

7.9 

1 >«1)lulBktFI jo.] 194.a + 0.1 

1 to 

5.6 

UeeiFi. <xn 

156.0| — u.l 

1b 

4.6 

Vail iJuiinereji... 

29.51+0,1 
140.01 

23 

7.8 

1 PtVtiue-i iFi. LOi 

36.8+0.1 



I PhlllfalFI. I0i. . 

26.2 +0.2 

17 

6.5 

1 1 





Ki’ra 

7.4 

UoIiium iFI. ».(}... 





ir.jnaii.il FI. no,... 

Ibu .8 +0.2 

*9-3 

3.8 

iluyal Uun:b(Miu 

13G.1 +1.4 !oa,tb 

O.I* 


250.0 -0.5 

20 

8.0 


134.7 -1.3 

27* 

4.1 

iimrjB. .jjiri 1 ! 

133.0 + 1.4 

50.30 

0.5 

Unilever iFi.g3.«i. 

122.3 +u.7 



l Bundle-. I.lttr. 

41 

sn?n 

1.2 

IVertl.L'tr.RvpbL 

392.1-1,4 

33 

ESI 

COPENHAGEN * 



! ■ ■ 

Price 1 + or | 

TjTT 

Yi.l. 

July ^ 

Kroner j — 


4 

Au.iei-lmiiken 

136**; -r 13| 

11 

a.a 

iJenntl-c er W... 

435 ] 

lb 

3.B 

Lian.LeBaDk 


12 

97 

Kb-LA-wii to 


12 

7.2 

FlQBDHtwnl.eo., 

1299*:+!, 1 

15 

10.0 

For. Pupir 

78 ! + l. 



tiuiiei«Uuik 1 

lfa5J*.+ l** 1 

12 

8.7 

U.X'tli’ii H.lkrUu' 

266 -1 , 

12 

4.1 

A-r-l k*ljr...:. • 

Ito 1 ? +' 2 1 

12 

b.l 

Uiiaiunnk 

801* +1* j 



Fn tut bonk • 

X30‘*: + ll4 | 


9.2 

Proviuhtaink | 

ld7J*,-li 2 1 

11 

a 0 

Sufjti. 

409 , + 2ial 

12 

2.9 

super k». | 

180l4|+ lg 

12 

D.7 

VIENNA 

1 



L. • 

1 -Inly 35 | 

5 1 — 

% 1 

« 

L re-i'Uui-lnll 1 

J42 j 

“uTi 

2.9 

Pei-fnivoner j 

279 --8 ! 

9.1 1 

d.fc 

-eu-vi* 1 

6*3 -1 j 

dfa 

7.8 

’et'ip^ni | 

Bl 



■Ifl’t Omuuer ,...| 

2*i :-i ; 

B: 

3.6 

Veil MByl.e-.i. ...' 

42U • 

10 

4.5 


| TOKYO % 


•PriLft*. +or 

.Uiv.lYtii. 


Yen 

— 

* 

% 


323 

+ 1 

14 

2.2 

L a non 

451 

-s 

12 

1.3 

Ounn 

679 

T« 

25 

1.8 

Chinan 

406 

-7 

20 

2-5 

l>«l Mipin'.u Prinil 557 

-1 

18 

1-b 

Fuji Pliobi 

621 

-9 

15 

1.4 

Hlfm-hi 

246 


12 

2.4 


B77 

-i 

-18 

1.6 


1,160 


35 

1.5 

U llab.^_... ...... 

240 

-2 

12 

2.5 

1 to- Yota. In. 

1.440 


30 

1.0 

1 

664 

—2 

15 

1.0 

J.A.L. 

2.630 <-10 





1.210 

+ 10 

10 

4.1 


333 

-6 

18 

2.7 

|W* 



15 

2.1 


4.090 

-10 

3b 

0.4 

wfrfmfmm 

710 

-3 

20 

1.4 


280 ! + 2 

10 

1.8 


129 

-1 

12 

4.7 


463 

+ i 

13 

1.4 

Xu “ nvmm 

325 ! + 3 

14 

2.2 

Uliiukashl- 

587 

-1 

20 

1.7 


1.440 

o 

CD 

1 

15 

0.5 


677 

-3 

13 

0.9 

A H win Motoir .... 

7b7 

-1 

16 

1.0 


1,720 

-30 

48 

1.4 


2b0 

-4 

12 

2.4 

fTTTpflr?7fnirPW 

880 

+ 1 

50 

1.1 

ohiaeiiio- 

I. *50 . 

+ ZO 

20 

0.9 

iaiBbo Mamie..... 

240 

-a 

ii 

2J 

iake>ia Cbsmica. 

418 

-2 

15 

1.8 

1'UK 

2. 19 J 


50 

0.7 

LfllJIU 

120 

— i 

10 

4.2 

Lot 10 Marine..—. 

490 

+ i 

11 

1.1 

L'okioLiect Fow'r 

1,070 

-10 

8 

3.7 




12 



139 

—2 

10 

3.4 




10 

3.6 

i'rtv4H Mouir 

887 

— ii 

20 

1.1 

Source NUcko Securlaea. Tokyo 


BRUSSELS/LUXEMBOURG 






inrw 

Mi 

Julv 1*6 

Prii-e 





Fra. 


m 

n 

Arbe-I— 

2.385 

hn 



Uekert ”B" 

2.020 


116 

5.7 

CJ-IL (.‘emenU... 

1.104 

—16 

1UU 

9.1 


430 




KBfc 

2.275 

+ 10 

171 

7.8 

8ievirot«i 

6.610 

+ 10 

450 

6.9 

FaUnque Nat 

2,795 


170 

b.l 

U.U.Inno Bm.... 

2.260 

+ 15 

lou 

6.6 

Uevaert.... 

1,310 


Ub 


Grpe Bnu+Carub 

1.605 

— 41 

164* 

11.0 

U,g.;+.‘n 

2.335 

+ 35 

1/. 

7.3 

Intefvuin 

1,760 

+ 10 

142 

8.1 

nreuietbink 

8.830 

-20 

d90 

4.3 

L« Uo.va-e BeU«e.. 

6,750 

+ 10 

*529 


Pan UoMine 

2.625 


Si-ib 

2.* 

Pel roll nn 

3.725 

—50 

174 

4.b 

>«-■ Gen Banque.. 

2.975 

+ 30 

20o 

b.ft 

3.«: Gca beisrique 

1.945 

-5 

14U 

7.2 

aoriiia 

3,180 




soivav 

2.470 


AdlU 

BJ& 

IfMciinn fc.ie.-l 

2.515 

-25 

17U 

6.7 

uCU 

920 

—10 

— 


Uu Miii.iLIui 

732 

+ 6 

50 

6.9 

vleliie 3Lonta^pc 1,4B2 

— B 

— 

— 

SWITZERLAND • 





Price . 

ram 

tan 

lift! 

July 25 

Fra. 

la 

H 

H 

Animiuium 

1,250 

+ 5 

8 

3.2 

ttBL'M' - - 

1,050 

+ b 

lu 

d.u 

Uilm Uiei*o'(fY.kX 

1.060 


22 

2.1 

Oo. Part. Cert. 

800 

+ 30 

22 

2.U 

Uo. Uez— — 

581 

+ 1 

22 

5.8 

Ciwlll -*ut»e 

2,160 

+ 6 

lb 

a.t 

Hlrelronoil — 

1,800 


IU 

2.8 

Fuclier (Ueornei. 

660 

-6 

5 

3.8 

HntrnmnPi Certr. '70.250 


HOC 

1-6 

Du. (omall) HU . 

7.050 

i+25 

110 

1.6 

Interiomi 8 

3.960 

+35 

20 

2.5 

4e*mob (Fr. DO). 

1410 

+5 

dl 

15 

ftestia(Fr. 103).... 

3 405 

+ 18 


a.a 

uo. Kex 

2.230 

-10 

11 &.I 

9.B 

UeriiknuB. (F.Jfik. 

2,a30 

-IS 

19 

1.6 

Pirelli OlPlK 

2a3 

—2 

lb 

5.3 

ban*l-B* (Fr,LfiZ)),„. 

5.600 


26 

1.7 

Do. I’ert Cett'i.. 

448 

+ 5 

2b 

3.0 

scUmilier Gl F1U! 

315 

-5 

12 

5 H 


550 


14 


wlaanli tFjSU).,. 

829 


10 

4.2 

vim Hnk. I'.IOO. 

366 

+ 2 

10 

2 7 

wi*» ilieiFrfeO— 

4,680 

-20 

40 

2.2 

Union Bank 

3.090 

+ 15 

20 

3.d 

Kuncfa Iqk 

11.130 

-SO 

44 

2.0 

MILAN 






Price 


[iff* 

Yu. 

July 25 

Lin* 


Ure 

CV 

•9 

A>IC 


_ 


Bwticb'i 




_ 

Flal 

1.798 

-16 

150 

8.3 

Uu. Pn v„ 

1.800- 

-18 

IS,. 

10.0 

rluziiier 

162.DO>+ 6.78 





12 150i + «6O 

eoo 

4.9 


327 | 

+42 

i 


lledwaiiwn, 

3d 900, 

-290 


3.6 

Mtiuie<ti«on 

164 


- 


Uu*etri Prtv 

L.01S 

+ 10 



Pirelli C m 

L.650 ! 

+ 5 

130 

7.9 

n i cl II Up* 

we. nm 

-1.25 

so! 

8.9 

■Jnla V uensa 

843 1 + 13 

*“ i 

— 


AUSTRALIA 


July » 


AUMIL tso ccmi 

Vcm* Aufltralui 

VHied Mng. Twig. Inti*. SI 

Amp>t KxpkHWlinn 

Ampul Pecnueum^ 

•Vraoe. Mineral- - 

Ywoc. Pulp Paper SI....—. 
Awne. Cun. In-lihrfrie*...„. 

Au-uFnaDrt>tioa Invwt— . 

\.«.l 

Audunca 

Allrt. Oil A G*r 

Unmt<n Creek G<dd 

Uiuc Metal Ind 

Bnuqninvtlte Cojiper 

brxoiWe* lotliutrier 

Broken Hill Proprletarv.... 

BH noutfa 

Liulton United Brewen 1 .... 

C. J.coira. 

C>H|FL) 

LVickbum Omcm 

Con*. CutdtieMa Au*t 

Container <SD 

Couxinu Kiounio 

Cortain Australia. 

UuumpKubbertSi) 

HSCOli^..; 

hkiei-eimitli .... 

6-2. Indu-xrie- 

Cen. Hropert v Tn«t, 

darner- ley.. 

tlouket ... 

IUI Australia 
I 


Aust. $ — 


Jeoningr Tndurtadea -... 

June* (T^vidJ...^^ 

Leonard OIL ....... 

Ueiuia Exploration 

Mill lio/dincs_... 

Alyer Km porium 
Nevx._... 


Nietwta* iniernational 

North Broken H'dlniia (bOc/ 

UakbndRe 

Oil ?caTvb 

Otter tixiilonutoD. 

Pioneer Concrete - 

itevkiu A Colnuui 

H. C. blemh 

XHitblauri Minin*; 

3|«q-o>i Bxploraiua 

LVxjUi (61 

ff »inn». ; 

Meweiii lllnin* ibO«ni> 

U'ra.luorlb*. | 


10.65 

tn.ss 

t2.U 

U.33 

t0.84 

n.25 

ri.25 

ti.ei 

11.00 

11.48 

10.40 

10.56 

10.25 
11.18 
11.38 
11.80 
17.68 
11.20 
11.71 
12.17 
13.U8 

11.25 

13.12 
T8.40 
13.79 
Tl.60 
11.33 
10.85 

12.23 
t3.70 
11.61 
12.30 
10.73 
12.82 

10.15 

11.16 

11.13 

10.24 
tO.33 

12.26 
11.67 

12.25 
10JI5 
11.35 
tl.88 
tO. 14 
t0.40 
11.54 
t2^l5 
10.75 
10.3B 

tO.37 

11.90 

10.85 

1L51 

11.61 


*sa 


. +-0.D1 
-0.06 
+8.1)0 
1-0.03 


_rl.ii | 

-8.04 

+0.ua 


JJ.ui 

1+0.16 

I+D.08 

i+o!(H 

1+0.04 
.» 


'+U.05 

.06 

|*o!m 

mum 

1+0.02 


-0.01 

+o!oi 

+0.03 

-0.01 

+«!oi 

+BJH 

+'£5i 

-0-01 

1+0.116 

I+0J1 

f+0.01 

H).o< 

-0.01 

i+0JJ3 


PARIS 


July 2G 

Price 

Fra. 

+ or 

Ihv. 

Fra. 

Yu! 

X 


740.1 



ae 

Atnquei OortrtVe 

447 


<1.18 

4.7 

Air LiquHiQ 

327 

—4 

16. b 

8-1 

Aquitaine... 

675 

+ 2 

Jft 9f, 

4-b 

oKJ 

496 

+ 4 

14. b 

2.8 

ikruypupa. 

880 

-27 

42 

4-8 

n.-JS. Oermai... 

s42 

—3 . 

40J. 

7.5 

Urrefuu r. 

1.700 

+ 5 

76 

4.4 

G.GJeC 

382-0 

+ 6.2 

51_B 

8.3 

k.I.T. AicbJ<*i ..... 

1,097 

-7 

78. Bd 

7.0 

Uiebaneaire 

358.0 

+ 7.6 

US 

5.5 

Club Albino 

418.&d. + 2.5 

11 .2b 

2.7 

i-'roiii Com KF« 

132.0 

-1.7 

12 

9.2 

Ureuisot Loire...— 

75.4 + 0.3 

-a. 

- 

Daoier 

76 Ini 

—18 

W./b 

4.4 




irwio- 

En 

Uen. Ck+iiientiiie 


8 .2b 

4.3 


Lmeud — 

Jerque* Bnrei._. 

Lafarce 

I.' Ureal., ....... 

ICRtud 

■Ualuxn Phenuc. 

Mlche/ln 
Meet Heniwm 
Unu I llAdx 
HarlUa*. 

Feduuey 

Pernoi-ULaid. .. 
PeuRecCrdtroea. 

Poclain 

Uaiikj T«-hnk|ue. 
itedouie, 
dhow PpuleiH.. 

M. Cobain HU 

km Uoaojinai... 

-uer 

'olernenuiiqiie... 

1 bumaan Unnni 

UKinirr 

STOCKHOLM 


58.91+0.7 1 d.7r 9.7 
161.0i+4.5 
■S — 2.5 


200. 

692*^ 

1.681 

519 

l,S30f 

503 

161.& 

180 

87^ 

278 

439.0 


-2 

1-24 

, +6 
-2B 
1-5 
+ 2JS 
+ 1 
,+0.9 
1-3 
+0.4 


21B.9}+2.9 
483 
562 


151.7, 

1.72U 


280.0^+0.8 
780 
229 
21.9 


+ 1 
-i +1 

104.21—1.0 


+ i.a 

12 


1-2 

-1 

1 - 0.6 


lb./71 8.4 
15.o7 2.3 
dB.Ibl 2.2 


M.r 

32.661 

12.6| 

3 

19.46 

7.0 

7.6 

17.46 

30 

30 

« 

14.68J 

39 

ab.b 

iaj> 

16,16 


7.8 

2.4 

2.5 
1-9 

11.1 

8.6 
2.7 

3.9 

6.3 

5.4 

8.6 

9.6 
2.2 
9.1 
3.3 

6.6 


July 26 


Price 

Krone 


+ or 


AUAAbdtr.Ski]... 

AIUI Laval UlMpCl 
AciliA(lirJjCn...-J 

Atlas Cupcn(Kf£& 

Bl ilerud... 
6Xon m ..,„ 
Latda.— ... 

Cell nitwit... 
Biecilux'U'f 
H'damu ‘S' (K 

Kwelte “8' 

Faper+bi. 

Urauan (troel— . 
tUa>iIc*tnnkun.» 
Uarabw 

UqOuh Uom-lo. 

s.K.P.'U’ Km.... 

Mkmnl Kn*fcilda...j 

I'aUilil.ik ‘H 1 KtOLi 
CMebo-in ...J 

ViUv.1 ,Kr. 



l/iv.j Y . 
kr. | * 


6.6 2.4 
0 j 3.3 
6 ' 5 .8 
6 4.7 


S.ft 2.9 


10 

6.3 

5 

9.6 


16 

8 

j./a 

4.3 

a 


4.3 

4.3 

4.4 

2.7 

3.8 

4.3 

7.3 

2.1 

6.3 
4.7 

6.9 

iSil? 


6.1 

3JS 


OSLO 


J11K 25 . 


Prw 1 4- ur • On Y i-T. 
kroner I - 1. ' + 


.. 95.0+0.5| 

64.0:+ 1.5 


9.3 


Uuraen Baua. 

Mnn+Snanl ...- 

Ci+lltbaDk , 1103XJ. + 1.76 It 1 9.1 

Koamro 230.0 -2.5: 20 I 9. 1 

Krmitka-nen 106.0' + 1.5 i 1 1 !I0.4 
Aiw->kllv1rokr.lY.J 282 .-1 12 5.A 

dhwtMtod— 87.501 + 1.23 7 ;ID.3 


■^fODr 


BRAZIL 


July 24. 


PiHsa" | + «>i Yi<l. 
Unie ' — >L)iv.| 


AvtMita OP......... 

U*rtc>> du Uia/i'-.J 
Banco Itau PS... 
iHhj*ii .MluvimUH 
Lojatt Auiei. OP.. 
Hrirot'ra- PP...„ 


1.03 ; — Ik.u li y.liil l.u& 
1.98 !+u.t7 J.l.B.&d 
1.34 +u.jl'D.37|2/.til 
1.90 | +D.U7 u.Uti4.2I 
3.48 '+ . 5 , j.i:L' 5.74 
3.40 '+o.i^d.iJ3.aa 

Piretu : 1.55 ! + u.u& d.l*.. 10.12 

Ames Crux OP ...< 2.86 'O.toUl/J 

U'uip PE 1 5.60 !— O.Obll). J^'4.46 

Uni llwe 1*1* i 1.28 ! _.JU. U M.Ofi 

Turnover: Cr.l2X2m. Volume ~i7.'Jdl. ’ 
Source: Rio de Janeiro SE. 


JOHANNESBURG 

MINES 


July 25 


•for- 

Aniilo .Ymcriun Corpn. 

.. a no 

-0 10 

Chartur CoaMlidatcd ... 

.. XlM 

+ 11.0 j 




HlsImrB 

- in 

“II 15 

Harmony 

.. tj:? 

-o.;a 

Kinross 


—8 10 

Woof 

.. 10^0 

-fl.-lrt 

Rustentnus Plalini.m 

_ 1.54 

— 11.01 

SL Helena 

_ 113.30 


South Vaal ' 

.. 9.60 

-n.50 

Gold Fields SA 

.. 24.70 

— D.bJ 

union Corporation 

.. 5..T0 

—o.n 

Dc Beers Deferred 

.. T.63 

— 0 os 

BlrvDorultzlchi 

.. 0.1 0 

— O'-'l) 

East Rand Pty 

.. 5.60 

—0.13 

Free Stale- Gcduld 

.. 24.0U 

— UJ!fl 

PresWeut Brand 

.. 17.73 

-0.511 

President Stern 

.. 13.60 

— o.r*u 

SUlfon(e)n 

., 3.51 

-0 2? 

Wrikum 

.. .>.«l» 

—11.211 




Wudtera HokUnw 

.. 1.1S.50 

. -n.25 

Wcatcra Deep 

.. lu.uu 

— 0 j|> 


tSA) 


INDUSTRIALS 

AEXI .. .; 

Anglo-Anur. Industrial 

Barimv Band 

CNA InvcsDuenla 

Currie Finance . 

De Been Industrial .. . 
Edgars Consolidated Inv. 

Edg&rs Stores 

Ever Beady 8A 

Federate Votksheleggiags 
Creatormnns Stores 
Co anil an Assurance 

KnJetts 

LTA 

McCarthy Rod way 

Ned Bant: 

OK Baaaara 

Premier Mining 

Pretoria Cement ...... ... 

Protea Boldines 

Rand Mines Properties . 

Rembrandt .Croup 

Belco 

Sace Holdings 

SAPPI 

C. c. Smith Sugar 

SA BruKcrics — 

Tiger Oala and Nat. Mills 
Unlscc . . — 


(Discount ot 38.7%) 


2.9.1 

-on: 

20.30 

+ 0.10 

-1.0.1 

—0.02 

2L,j 

— O.ll.) 

0-MI xd 

+ 0.01 


1 1.00 
2211) 
21.30 

+0 51) 


12.03 

+U.02 


i.m 

12.2.-. 

— 0.03 

fa ; 

2.03 
i. no 

-0 03 

- • 

1 >7 

— 0H3 


0.90 

2.. J 

-n.05 

"r 

7 SO 
73.711 
J.I.VJ 
J.TII 

-n.03 

VJ ‘ , 

2.3H 

3.7B 

— 0.10 

: .. 

040 

1 jO 
2.2S 

+ 0 01 


4 1*0 

— n.io 


1.40 

-on: ’ 

1 „ 

10 01) 
1.20 

.S.S0. 

70} 



SPAIN V 

July 21 Per cellL 

Astana 1U 

Banco Bilbao 300 

Waned CtotrUl Mm .. nn . 30* 
Banco Exterior 27S 

Banco General 384 

Banco Granada .Il.OM) ISO 

Banco Hlxpano 237 

Banco Ind. Gal. ll.MMl Ufa 
B. Ind. MefllierranttO .. JM 

Banco Pupuldr 245 

Banco Santander i2iOI 3S0 
Banco Urqbllo 11.000)... 258 

Banco Vizcaya Ml 

Banco Zaragozano 273 

Knnfcnnton 132 

Hanua AJitfuluela 20S 

Raocoek Wilcox 21 

CIC 82 

Oragados 288 

inmooaoi/ 22 

E. 1 . Ansonoaaa — .. a 
sspanma Zinc* 102. 

EXpl. RIo TtntO — 88J0 

Keen (l.OOOi — 0450 

Kenaaa 11,060) TO.7S 

CaJ. PredMOs 16 

Grope Velazquez (400) lu 

Hidroia -m...— — 77 

Hwranero auo 

Oiam US 

Pauelferiw ReOnMaa _ 70 

Petrullhor m 

Perrniroa _• 2AS 

SarrtD Pupal era ...... 52 

Solace « 

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Financial Times Wednesday July 26 19.78 



Botswana 
beef sales 
curb eased 

By Margaret van Hattetn 

BRUSSELS- July 25. 
THE EEC Council or Agriculture 
Ministers - today agreed to lift 
partially the ban on imports of 
frozen boneless beef from 

Botswana. 

The ban was imposed last 
November because of outbreaks 
of foot-and-mouth in southern 
regions of the country. A team 
of Community experts has now 
% declared these areas free of the 
disease, and the Minister agreed 
that exports may resume. A 
wider lifting of the ban will be 
considered when the Council 
meets again in September. 

In normal years Botswana 
exports only 17,000 tonnes of 
beef to Europe, so the decision 
is unlikely to affect EEC markets. 
Bat the decision is important for 
Botswana, which draws 70 per 
cent of its export earnings- from 

Earlier. Mr. John Saltan, the 
U.K. Agriculture Minister, gave 
initial support to Danish pro- 
posals to redistribute Britain's 
share of a planned £33m Com- 
munity scheme to sell off inter- 
vention stocks of butter at cut 
prices. 

The matter will probably be 
decided in September. In essence, 
(he Danish plan would provide 
for a. 3p a lb Increase in the 
UK butter subsidy over thre* 
months. . 

This would apply, Mr. Silkio 
■add, to all butter sold on UK 
markets. It would replace earlier 
proposals which would have 
given a 21lp a lb subsidy res- 
tricted to 17,000 tonnes of butter. 


France bans 
import of 
UK lamb 

By Our Commodities Staff 
THE FRENCH Government 
yesterday closed its frontiers 
until farther notice against im- 
ports of British lamb because 
the price of the meat in its home 
market has fallen below the level 
guaranteed to French farmers. 

The ban on imports — it does 
not apply to Ireland which has 
a special arrangement— aims to 
reduce supplies on the market 
and push up prices. 

The ban seems certain to hit 
TJK farmers* prices which have 
already been falling recently in 
line with the seasonal increase 
in supplies of lamb and the 
summer decline in meat con- 
. sumption. 

French Import controls, which 
are usually limited to a heavy 
import tax, are already under 
challenge through Common 
Market law. 

Mr. Richard Butler, the 
National Farmers’ Union’s 
deputy president, said yesterday 
he would protest in the strongest 
possible terms 


EEC launches export plan 
to tackle wheat surplus 


BY CHRISTOPHER PARKS 

the common market Com- 
mission is taking the first tenta- 
tive steps towards getting rid of 
its expected surplus of wheat 
from this year’s harvest On 
August 31 the cereals manage- 
ment committee in Brussels will 
consider export tenders for 
wheat and barley. 

The wheat export tender will 
be the first for two years. 

By the end of the year the 
committee plans to approve the 
export of and fix export sub- 
sidies for up to 600,000 tonnes of 
grain — half wheat . and half 
barley. 

Export licences, will be avail- 
able for all destinations except 
the Far East, EEC officials told 
Reuter. 

The tenders will be managed 
in much the same way as the 
weekly arrangements governing 
sugar exports. Export licences 
will be granted to the traders 
asking for the lowest export sub- 
sidy each week. 

International traders were sur- 
prised by the early news of the 
tenders and also by the inclusion 
of barley. 

They had expected the Com- 


mission to wait at least until the 
end of the harvest before final- 
JfJjS its plans, and they felt the 
EEC was unlikely to have much 
u . an . eK P°rtable surplus of 
barley in the new crop year. 

Common Market farmers have 
planted an estimated 8 per cent 
more wheat this year and raised 
their barley acreage fay 1 per 
cent 

Brussels officials said the ten- 
dors - are due t0 run only until 
Christmas, but could be extended 
depending on future price levels. 

Traders said exports of wheat 
were virtualy certain to continue 
through most of the new season. 

The Community is expected to 
have at least 3m tonnes of wheat 
for export, including food aid, 
although the amount of barley 
available should be less than last 
year’s 3.4m tonnes. 

World wheat prices have been 
falling steadily since May. but 
EEC officials claimed the Com- 
munity's lenders — for such 
modest quantities— were unlikely 
io damage prices further. 

Reuter reports that the 
Australian Wheat Board has 
estimated 9.1m hectares have 


been planted to wheat so far 
for the 1978-79 crop. 

Sir Leslie Price, chairman of 
the board, has urged farmers to 
make every effort to complete 
sowings delayed by wet weather. 

He said the board could fore- 
see a strong demand for wheat, 
and added it was disappointing 
sowing intentions were dropping 
behind because of heavy rain 
and waterlogging. 

It will reach the end of this 
crop nyear on November 31 wfut 
minimum carryover stocks of 
500.000 to 600,000 tonnes. 

The board believed there was 
a good chance of iwrfd wheat 
market prices remaining steady, 
or at least not suffering any 
decline. 

<P U.S. farmers are not taking 
as much area out of grain pro- 
duction as originally expected, 
U.S. Agriculture Department 
officials said. 

The VSDA was still in the pro- 
cess of analysing the amount of 
acreage “certified” as being set 
ax/de by farmers and does not 
have any overall or individual 
state figures for the various 
crops. 


‘Saving the wool industry’ report 


FINANCIAL TIMES REPORTER 

THE SURVIVAL of the wool 
industry cannot be ensured solely 
by the proposed reforms in 
marketing, the Bank of New 
South Wales says in a special 
report out today. 

Called Saving the wool 
industry, the review says that 
also needed will be moves to 
expand the demand for com- 
modities using wool; diversifica- 
tion of the range of end-uses; and 
cost savings in production. 

The review points out that 
Australia is still by far the 
world's biggest producer and 
exporter of wool. But its sheep 
flock fell from a record 180m in 
1969-70 to 132m last season. In 
the same period wool production 
declined 26 per cent from 923m 
to 680m kg. 

"Bui for many growers, the 
boom of five years ago was too 
late and too short to justify 
reversal of the disinvestment of 
previous years stemming from 
drought, low prices and rising 
costs,” the review comments. 

The review points out that 
under the LOPS (Limited Offer 
to Purchase Scheme) introduced 
last year the Australian Wool 
Corporation is buying wool 
direct in Victoria. ■ Western 
Australia and Queensland g?om 


methods which it claims will 
curtail marketing costs. Savings 
achieved are returned to growers 
as discounts on normal selling 
costs. 

But the bank questions 
whether the long-term outlook 
for wool is favourable enough to 
justify this emphasis on market- 
ing reform. 

Marketing costs cannot be 
trimmed indefinitely, even by a 
statutory authority empowered 
to control the distribution net- 
work. “Savings, too, may have 
to be shared between users and 
producers to maintain demand 
and supply relationships. 

“The marketing system, there- 
fore, is not the sole point on 
which to focus efforts aimed at 
ensuring the survival of the 
industry. 

“ Because rural producers 
commonly seek to combat cost- 
price squeezes by expanding out- 
put, It may be necessary, in the 
economic conditions which have 
developed since the projections 
were made, to develop strategies 
enabling wool to hold on to a 
larger share of the world textile 
fibre market than fore- 
shadowed.” 

Indeed, if demand for sheep- 
meat should continue to rise, ex- 
pansion of demand for wool (a 


co-product in any sheepmeat 
enterprise) may become obliga- 
tory if supplies are to be 
cleared. 

Greater emphasis on research 
and development to match the 
desirable features of synthetic 
fibres, and on wool’s inherent 
” natural ” properties could yield 
real benefits, it is claimed, 

“ Continued research on 
primary - processing techniques 
could engender establishment of 
a sizeable scouring and spinning 
industry, creating local job 
opportunities, enhancing the 
value of exports, and ensuring 
continuity of supplies for the 
newer manufacturing enterprises 
in countries with tittle or no in- 
tegrated processing of raw 
wool. 

“The fact that wool accounts 
for under 7 per cent of total 
textile fibre usage confers on 
promotional efforts a potentially 
considerable margin for success,” 
the review declares. 

Provided the market for all 
fibres expands in line with pre- 
dictions, a constant 7 per cent 
share for wool sustained through 
the rest of the century would 
guarantee growers the oppor 
t unity to lift output to over 4bn 
kg, more than double what is now 
projected. 


UJS. acts 
to bar 
EEC sugar 

By John Edwards, 

Commodities Editor 

THE UjS. is to Impose a 
special countervailing duty of 
10.8 cents a lb on imports of 
sugar from the EEC, the U.S. 
Treasury announced last night 

The extra duty has been 
Imposed following a finding 
that the Community is sub- 
sidising sugar exports to the 
VJS. by paying exporters the 
difference between the EEC 
minimum price and the world 

market, price. 

The VS. Treasury reported 
at the end of June that it was 
investigating a complaint by 
Michigan beet growers that 
50,000 tons of subsidised EEC 
sugar had been shipped to the 
VS. 

At present (he world market 
price of sugar has been 
forced down to the lowest 
level for five years, with the 
London daily price at £81 a 
tonne and values In New York 
just over 6 cents a lb. 

However, to protect its 
domestic sugar industry, the 
U.S. already imposes a fixed 
duty of nearly 3 cents a lb 
and a further variable levy 
of np to 3JS cents to support 
a minimum price of 13J> cents 
a lb for growers. 

Moves to raise these duties 
and the minimum price In the 
U.S~ possibly with the intro- 
duction of quotas as wen, have 
so far been delaved by 
political wrangling in Con- 
gress. 

London market sources last 
night thought the U-S. move 
would have little immediate 
impact except possibly on 
traders with EEC sugar 
exports already on their way to 
the UJ5. 

But It could affect the deci- 
sions made today by the EEC 
Commission when it holds first 
export tender for sales of new 
crop (1978/79) sugar. This will 
onlv fix subsidies on sugar 
which will not be exported 
until mid-September. 

There was an angry response 
in Brussels to the duty which 
EEC officials described as 
a “ridiculous over - reaction," 
reports Margaret Van Hattem. 

But they added that the 
Community would not lake any 
retaliatory action; since EEC 
sugar sales to the (Jfi. are 
conducted privately, the Com- 
mission cannot intervene. 

However, the officials 
pointed out that, as such sales 
are extremely limited in 
volume, and since 'the prices 
do not undercut the currently 
extremely low world sugar 
price, the Commission does not 
consider that the sugar sales 
damage the U.S. industry. 

This Is the only criterion, 
under GATT, which justifies 
countervailing, duties and, 
henre, the U«S. action is totally 
unwarranted, they added. 


NAMIBIAN FISHERIES 


Lessons from the 
pilchard debacle 


MOVES TOWARDS the indepen- 
dence of Na - . ibia (formerly 
South-West Africa) should hasten 
measures to save the country's 
inshore and deep sea fisheries. 

Economic and scientific studies 
by South African fishery officials 
Indicate that Namibia's fishing 
grounds have the potential, with 
careful husbandry under a 
200-mile exclusive offshore 
regime, to contribute R250m- 
R3O0m (more than 30 per cent) 
to the gross domestic product. 

It is an unfavourable reflection 
on the quality of the South 
African Government's guardian- 
ship, however, that for the second 
time in the 25 years history of 
inshore fishing -out of Walvis Bay 
and Luderitz there is a distinct 
threat of commercial extinction 
of the principal pelagic specie, 
the pilchard. 

Scientific estimates or the total 
biomass in a 200-mile zone 
between the Kunene and Orange 
Rivers have put the white fish 
resource at about lm tonnes and 
pelagic fish at about 1.5m tonnes. 

Clear evidence that fishing 
effort was maintained above the 
m axim um sustainable yield for 
too lone is the fact chat the 15 
signatories to the International 
Convention for South-East 
Atlantic Fisheries (ICSEAF) 
have limited white fish catches 
to 480,300 tonnes this year, while 
the South African authorities 
this week ordered all pelagic 
fishing to cease as soon as catches 
totalled 400,000 tonnes (com- 
pared with a total permissible 
quota last year of 940,500 tonnes 
for the nine factory operators at 
Walvis Bay). 


Blamed 


The most alarming thing about 
the truncated pelagic catch is 
that it consists of only 45,000 
tonnes of pilchard. Last year, 
nearly 200,000 tonnes were 
landed. 

As a result, the South African 
controlled Canneries at Walvis 
Bay will be hard pressed to 
achieve a pack of over lm 
cartons (compared with nearly 
11m cartons two years ago). 

The ■ overfishing has been 
blamed, by fishing industry . 
sources, on distant-water trawler 
operators from the Soviet bloc. 
They quoted South African Navy 
sources who had noted the 
presence of 172 foreign fishing 
vessels in Namibian waters. 


BY JOHN STEWART 

But South African fishery 
officials doubt claims that 
foreign trawlers are responsible 
for the disappearance , of pil- 
chards. I^ist week officials car- 
ried out a routine inspection 
of 10 Soviet Bloc trawlers (under 
the terms of ICSEAF treaty 
regulations) and found no 
evidence that pilchards were 
being fished. 

There is a more likely explana- 
tion, however. 

After the plundering of the 
pilchard resource between 1968 
and 1970, the SA authorities 
attempted a compromise 
by introducing the concept of a 
split quota: one-third pilchards 
and two-thirds “ other " species, 
in an effort to save pilchards 
from heavy fishing effort. 

But the policy did not work 
because the overall permissible 
intake of raw fish was left un- 
altered. Furthermore, the 
Stipulation that all fishing had to 
stop ouce the pilchard cun lent 
of the catch had been filled, led 
to serious abuse. 

Fishery scientists and factory 
operators alike admit openly 
there was large-scale dumping at 
sea of fish wrongly identified as 
“ other ” species but found, on 
closing the net, to be pilebard. 
The extent of such dumping will 
never be established but it 
clearly contributed to the sub- 
sequent decline of the resource. 

Then there were allegations 
that when the dumping began to 
horrify even the most hardened 
fishermen, the shorcside bribery 
began. One Walvis Bay source 
says that the going rate, to pay 
an inspector to identify piicbards 
as “other" species was running 
at one time at R10 per 100 
tonnes. 

It was argued at the time that 
reduction of the overall pelagic 
quota of 940,500 tonnes would 
have had an adverse psycholo- 
gical impact on the fishery: 
investors would probably have 
read the wrong things into it 

But from 1971.10 1975 the total 
quota was little more than a 
licence to steal in many cases, 
and during this period recruit- 
ment of young pilebard to the 
Total stock was badly damaged. 
No one noticed because there 
was fish in abundance and 
scientific monitoring of the 
catch and survey work of avail- 
ability • and recruitment fell 
away. 

In anticipation of canning 


packs of 12m to 14m cartons, 
additional warehousing shot up 
at Walvis Bay and the Metal Box 
Company installed additional 
capacity to cope with the pro- 
jected heavy demand. 

In 1976 the danger signals 
flashed and last year a mere 
197,000 tonnes of pilchards were 
landed, the lowest catch on 
record. 

In the interests of saving the 
pilchard from commercial ex- 
tinction, fishery scientists in 
Cape Town say that fishing 
should stop altogether. Environ- 
mental factors and human effort 
are now so finely balanced that 
it will not require a great deal 
to break the back of the fishery. 

The Namibian pilchard 
debacle contains valuable lessons 
for the future, however. 


Balance 


In the late 1960s and early 
1970s when a Namibian fishing 
quota was a licence to print 
money, a number of factory 
operators diversified out of fish 
— into property and township 
development, cattle ranching, 
forestry, food and so on. 

Subsequent events show that 
they should have diversified out 
of pilchards into other species: 
tuna, hake, mackerel and many 
others. They should also have 
diverted their massive surplus 
earnings into deep sea trawling. 

Last year the international 
community took nearly lm 
tonnes of hake out of the 
Namibian coastal zone. In 
addition, iron curtain distant 
water trawler operators took 
about 400,000 tonnes of mackerel, 
quick-frozen for human consump- 
tion (SA operators turn it into 
fishmeal). 

The potential foreign exchange 
earnings suggested by these 
figures is enormous. Under a 
200-mile regime, an independent 
Namibia would have white fish 
resources in excess of im tons 
a year and. if allowed to recover 
under tight management, about 
1.5m tons of pelagic fish 
including mackerel. In money 
terms, earnings could go as high 
as RSOQm in the initial stages. 
Huge additional foreign earn- 
ings could be derived from fish- 
ing licences issued to foreign 
trawler operators in a Namibian 
exclusive economic zone. 


COMMODITY MARKET REPORTS AND PRICES 

-- - TIM — Higher with fonrard.-mctal start- 

lat at JSJ35 after a Email fan in the 


BASE METALS 

:opper— S toadlcd on thn London 
lal Kscharwa with UK- market 
'UKKlnc nil Uk overnight fall In New 
rfc. Forward metal started at ms 
1 ms* ihrnugboni ilw day. Comax 
;ncd firmer tn the afternoon, helping 
radon iq close on the Kerb at life day’s 
ih of £733.5. Turnover: 11,550 tonnes. 

HTKUj ,um ' ^ 


East overnight. Bear covering and cow- 
Inn against physical buswess a» Europe 
lilted the market to a lush of 
before a dime on tho Kerb of I836Q- 
Tumover: 1,335 tonnes. 

LEAO— Higher With trade buying and 
covert he against Continental physical 
business In good two-way trading. 


Forward metal started at £3 12- £311 and 
climbed to £317 bclure easing slightly and 
then advancing again. On the late Kerb 
a high for the day of £319 was reached 
before a dose of £318-25- Turnover: ■ ,foo 
tonnoa. 

i+or 


Of Ariel 


£ 


706.5-7 M-Sj 


£ 


a iwg.vr f . TMI ■ “ 

inntha.) 727.5-A5 -5.25 731.5-2 
707 ' 4-5 


706.5-7 


li ! 702,5-35 

with. J 724-5 


63-6 4 \- 


U.IQ. 

UnoHMal 




710-1 


£ 


l+B 
+ 2 


Ul.75 


72B-.5 [+2 


— 


+ orj 

(■. w. 

• 1*n 

TIN 

Official 


Unoffir-S 

— 

High On 
Carh 

udo £ 
6416-BO 

£ 

+46 

£ 

t430 40 

£ 

+47.6 


6366-75 

+2f.b 

6380 90 

+2SL6 


6420 

+ 46 



Standard 

6416-20 

+ 45 

6430 40 

+47.5 


6360-6 

+8/.b 

6360-70 

+92.5 


6400 

+ 46 

— 

— — 

Straits B-. 

1 1 1695 

-~5 


— — 

Nen York. 

— 

— — 




LEAD 

a.m. |+or 
Official ) — 

p-m. . , 
Unofficial [ 

Cjt»h. 

£ | £ 
307-.5 | + 5 

£ ] 
307.7S-8 

3 months.. 

3 16 -.5 1+4 

517.05 .6, 

Ben'lrc'ncl 

07.6 1 + 6 


CJS. Spot . 

— ! 

31-03 ! 


_ I 


ZINC — Steady ah hough not so active as 


GRAINS 

LONDON FUTURES (GAFTA)— The SUGAR 

market opened lOp lower oa whear and. 
barley. Wheat traded 45-50 lower on 
nearbys where good buying support was 
seen which steadied the market BhghUy 
io close 20-350 lower on the day. Barter 
saw reasonable support particnlarty. The 
market rallied stairtnly m the afternoon 
on short cowing, but eased back Ip dose 
30-Up lower, ACU reports. 


Sntr S9JK. ITJL " B ” ftrflls CL5A 
£26 .M. 0746. Yam Haiti. 


WHEA1 


lo5r^se”perfwmanco set Jhe tone for «■_. 

the market. Small scale rimn-coverlns -* 1 ntn l I 

allowed forward metaJ lo advance from 
£313-016 to a dose on the Kerb at 13204, 


-G. Index Limited 01-351 3486. Three month Lead 316.4-320.1 
3 Lament Road, London, SW1Q OHS.' 

1 Tax-free trading on commodity furores. 

2’ The commodity futures market for tbe smaller investor. _ 


Gold 


?ur latest report which is now 
ivailable outlines the following : — 

1) Current Outlook 

2) Supply/ Demand Developments 

3) World Gold Production 

4) World Gold Consumption 

5) Gold Sales Programmes 

6) Summary 

7) Gold Trading Activity 

8) Gold Options 

for your free copy contact your neorest Conti Office 


SILVER 

per 

trey me. 

Bullicm 

fixing 

pricing 

¥j* 

L.11.B. 

dose 

¥jte 

Spot. 

3montbfi- 
8 month b.. 
12 month* 

283. 3 p 
*90.8.1 
80S. 6(i 
S15.1M 

— 2.T 
-2.06 
—ZJb 
[-2.9 

286- 3 n 

293.75|> 

+ 1J 
+ 1.1 


Conti 



ire of the Continental Grain Company Group 


Geneva 
100 rue 4u Rhone 
1204 Geneva 
Switzerland 
Tel: (021) 218833 
Telex: 27115 

Hamburg 
P.O.Box 301031 
D. 2000 Hamburg 36 
W. Germany 
Tel; (040) 340476 
Telex: 2163084 


London 

Worid Trade Centre 
London 61 9AA 
England 

Tel: (01) 488 3232 
Telex: 887438 

Liverpool 

Norwich House . 
Rum ford Street 
Liverpool L2 8TA 
England 

Tel: (051) 236 6171 
Telex: 629517 . 


; Zurich 

Dufourstrasse 35 
9008 Zurich 

Switzerland 

Tel: (01) 32D333 
Telex: 59204 

Lugano 

Via Balesrra »* 
6900 Lugano 

Telex: 73941 


Members of all major commodity exchange* 

. Champaign . Chicago - Oo»« 

burg - Houston - Kan * a *S** k _Tu%„o- Memphis 

& !EK : o C - ■ ■ 


. ZINC 

a. m. 
Official 

|+_« 

p.m- 

Unofficial 

t-Hr 

Cash. 

S imim.hu— 

5* ment. ... 
Pnn.Wesi 

iDS-10 
319-.B 
a 10 

+3.25 
+B.5 
+ 3.5 

509.26- .5 
810-76-20 

09.31 

+3.87 

+3-62 


+ or 


BAKIEV 

Jx«atwdaff*«| + or 
dew 


LONDON DAILY MICE (raw ragar) 
£81.00 tiSS.Dfti » tonne cU for JUIpAia. 
shipment. White sugar dally price was 
fixed at 04.00 (S35JX). 

Opening prices were some so points 
below kerb levels and thereafter were 
little changed until hue In the afternoon 
when heavier offerings In the 1970 
accounts caused those positions to fall 
some 123 points, reports C. exarnikow. 


■ Cents Per pound, ton previous 
official close- ISU per PlcuL 

SILVER 

Stiver was fixed XTp an ounce lower for 
Spot delivers' In the London bullion 

market yesterday af 2SSJp. UJk cent 
equivalents of the fixing; levels were: 
Spot 545.6c, down S.Oc: three-month 
556.5c, down S.lc: bii-nuwh 565.5c. down 
7.7c: and 12-month 503.5c. down S.Oc. 
The metal opened ai SMf-MSip i650-53lle* 
and dosed at SS8-2OTP iBSl-SSMc). 


LM 6— Turnover K? tl«l lots or 10.500 
ounces. Morulas: Three months 23JJ, 
U_ U, 1.4. Kerb; Three months 28L4, 
1". Afternoon: Throe months 292.7, 2-9. 
83, 3,7. Kerb; Three months 283-7, W. 

COCOA 

Prices rallied JnlUnDy in quiet condl- 
Hiw«. easing laier to close ancaacyea. 

reports lull and Duff us. 

.Yesterday's .'+ or l Business' 

COCOX Close I — I Doue 


sfc-ijL 04.60 - 0.55 79.35 -OM 

Nw. 07.30 -Q.W 02.15 -OJd 

Jan. 90.18 -wJ6 td 90 -a 45 

Uu. — 0.2u oi,40 —0.45 

May ao.40 0.2u 9 .la [—0^0 

Business tfooe— Wheat: SepL SL7D-84J0,' 
Nov. OT.44HI7.M, Ju. Bfl.ZtM.IW, March 
92.T39i.T0. May S5J0-S5JO. Sales: US. 
Barley: Sepu TBiM-VBJO. Nov. 8&Jfr£L03, 
Jan. 85.2*84010, March B7.e-S7.4S, May 
BO .25-90 .00. Salem 138. 

IMPORTED — Whom: CWRS No. 1 
13* per cent July and adk. £»LT5 Tflbmr; 
U.S. Dark Northern Spring No. 3 14 per 
cent Aug. £78.40, SepL £78.50, OCL £80.08 
transhipment East Coast sellers. 

Maize: UJSjFretKh July £UE.0f>, Aug. 
£BLS 0. Sept, aoo.oo transhipment East 
Coast seliera; S. African White aus- 

EB9-BD Liverpool /Glasgow: S. ATrlcan 

Yellow aus. £59.00 Liverpool/Glascow 
sellers. 

HGCA— Location ex-tarm spot prices; 
Feed barley-— Bmnberslde £80JM- 
The UK Monetary coefficient for the 
week beginning July U is expected to 
decrease to 3.345. 

EEC DAILY IMPORT LEVIES and 
premiums effective for July 38 In order 
current levy ptaa Aug., Sept, aad Oct. 
premiums, with previous in brackets, all 
In units of account per tonne: Cuwm 
wheat— VI-82, 023, 0.33. Ml (MAS. rest 
Dili; Durum wheat— 13&57, rest nU {138.57, 
rest ml): Buckwheat — AH mi (all nill; 
nO>; Barley— 87.62, 2 AO, 2-50, 250 186-97. 
3.18. 3. IB, 3-lflii Oats— 39^4. rest nO 
J50.15. 038, 030 0-36); Malta (other to 
hybrid tar Medina l-BT-TC. rest nU (88.97. 
rest all: Buckwheat— AU nil (all nUi; 
Millet— 78-78, rest nH (78.13, rest MU: 
Grata sorgh um SUE, 0.68. 8.8 8, Ml (SO 83, 
— . 8.68, nib: Flour levies: Wheat or 
mixed wham and eye— 143.17 033.41); 
Rye— 139.73 (15T56). 


Sugar 

VrtS. 

TeoWrtayJ 

Pierioos 

Bonnesa 

Comm. 

Coon. 

Close | 

Clow 

Done 


Aog. .J 
On, 

Dec-— I 

March .! 

-—| 
An*. — 
Oat — 


fcO.M-8O.40 
blJ» 1.05 
82 86 87 78 
87.B8 87.8S 
9B.2& 90,40 

; H.7S 95.80 
97-08 8750 


£ per tonne 


*1.BJ 81.75 
LBo- LM] 


a5.nkv4.iM iS.Bj 82 BO 


hl.n-t0.10 

12.10 0.75 


8 JOB £0 80.5087.06 
81.8d-dl.7G 1.80.0.16 
85. D 1-96.75 95.00-85.75 
nJO-OU, B8.40-85JB 
“Sales: 2.348" (3,7881 " lots Of^Sfl tonnes. 

Tale and Lyle ex- refinery price for 
granulated basis white sugar was 124L89 
i same) a tonne for home trade and 
£141.80 (E143J0) for expert. 

M/c No. 10— Seacer — — — — 

InternaUtohl Sugar Agreement (U.S. 
cents per pound) fob and stowed Carib- 
bean port, prices for July 34: Daily. 6.18 
i&33), 15-day average 6.44 (6.49). 

WOOL FUTURES 

LONDON— The market was dull and 
featureless. -Bache reports- 

fPenoB per trilol 

Aoglratien (^mdei^jr'a -f- or] Buxines* 

Q reney IV noil Clow i — - • 


• - 


RUBBER 


N*>. 5 CVntrt! 

Julu ',1748.0-46.0 

Sert 1752.11-54.0 

Deo „;i756.u-*7Jl 


ti 715.0- 16-. 


.+6J> |l748J*-51.D 
+ 3.5 ilJ75.u-48.fl 
-3.5 179 -0 35-0 
1—4.5 1755.0 
18SG.i»-7M£i-2.B 1715.U-700.0 
['•’M-WJM-J.Sl l6 - M 


March 
3lmy 

sffi. rr.-JiS's-ra a.o 


STEADIER opening on the London 
physical market. Fair Interest throngbotit 
the das. cloning on a firm 'note. Lewis 
and Peat reported a Malaysian god own 
price of 234 (232; cents a kg (buyer. 
AUgUSl). 


No-1 iTeaTrday'r 
K.S J. j Clone 


July 08.0-66.0 |— 3.0 1 

October WuJMOJ) 

December « MS-B^B.D 
March — MU-4U 

HAjr 240 *-46,0 pO-N 

July — 158.a-4&.8 L-sJ 

October KBu -85.0 ' “ 

December .-&4&.0-&5J) 

Sales: NIL (J1 lots ef 1-500 kg. 
SYDNEY CREASY— On order buyer, 
seller, badness; sales;. Mferaa Contract: 
Oct. 344J-M3.0, 345. IV 344.0. 10: Dec. 852 JL 
33L5. SB.WSL5, 41: March 357JV358.0, 
35T.6-55TJ, 17; May 303-381.5, 301.5-3803, 
S; July 3883488.0, 38SJJ6 S3, I! Oct. 
376. J .370.4, 370-3-370,0, 10: Dec. 3713-3713. 
3713-3713. 7. Total sales: 95. 

NEW ZEALAND CROSSBREDS— Dec. 
180.4823. ML BU; March 1843-853. nft. 
nil; May 1863873. ntL nil: July 18T.D-SS.fi. 
niL nfl; OcL 1883903. 1S9.S, 2; Dee. 
189 3-903, niL Total sales: 2. 

MEAT/VEGETABLES 


'sales: 1.7781870) lou wia tonnes. 

International Cw» OrsvMlou rv.S. 
cents, per noundl— Dafly Price July -4 
145*70 (L45.47). Indicator prices Jao =5: 
]&£ InttM U1» C14LS8'.; s-to 
average 142.93 414139). 

CQFFEE 

rob U STAS steadied in the morning in 
mixed proM-takhiB. Drawl Burnham 
Lambert reports. Calm of Up 10 £40 
vcm recorded in an acuve morning 
session. The market uagnated al the 
blahs, however, and fresh dealer bbUiob 
forced values lower In the afternoon. At 
the etas: i be marker was off las »W3 
about unchanged M U* <***■ 




Aug. b53H3.7g 

SejA-J go**** 

.81*40.161 343*54, 
a.o-i a-u& 
M.90-SD3 
-13 


Ort- 

J«n- 
Apr-J 

Octr-Ved 3.7 -.63 

Jnn-JIac b 36- 530 
Apr-J ucj 130 I-4&1 


i£.26 5S-70 
b6.70-38.Wj;. 6836-67-86 
68.7tW8.dri 63366930 
l.BSt bfl.Bu-b0.70 6130 
‘ bfi.0J-ftE.7kH — 
MJrfLM.Sffl 1 530*86.40 
bG3>b835l 67.44 


■ 

COFFEB 

Yeatenlay » 
Close 

+ w 

Bus In pm 
ltene 


£ per tonin' 



1146 1149—0.5 

ll$9 (145 

Bepumber.. 

November ... 

JnuteiT-..- 
Slareh- 

1091 1093|-1^ 
1036- 103d! — 0.0 
1012 l015;+8-6 
871974 [ + 6.S 
9S0 9BS 1+8.0 

,138 liSO 
,065 085 
U481.10 
1010 866 
990 970 


945 949 

+9-5 

9Bl 949 





Sales: 208 iCi) lots ct 15 tonnes and 
0 lOj of 5 tonnes. 

Physical closing prices (buyers) wore: 
Spot st rap TC3>; Aju. 56330 (6L$j; 
Scot, ai-isp (JLffil, 

SOYABEAN MEAL 

The market opened IL*) down on 
follow-through from M<mday*B lows with 
stop-loss selling and further long liquida- 
tion on mar August, 8NW Commodities 
reports. Despite the better than expected 
weekly UJS. auyabew Export registration, 
nut-aim prices also remained depressed. 


Yesterday -f-or I Suslnon 
CIqm i — I Done 


• Rab* V~7.ni< (5. KM) 104S (rf i> 
ARABICAS— Buyer, seller, business, 
sate*; Aus. 13 9.0*8839, 13130. nO; Oct- 
121.00.29.00. 13830. nil: Dec. 115.00-19.00. 
ran- mnraded: Feb- ULBO-ILOO: April 
uo.oo-i7.Wi June 130.00-17.00: - Ang, 
1 85.00-1838. Sales: 4 (O' tats of 1733(1 

ICO HMUcater prims tor July 24 (U3- 
cemC per pound)* Colombtan j&iid 
Arabitas 1B430 (168.00); unwashrd 

Arabia* 1W-00 (inmei; other mjW 
Arabics* 1U-00 021-17 1; J£A 

1978 118.25 <132301: Bobnstas iCA 1988 
USJffi <122.751. Dally avenga USJ5 
<X2LS33. 


Anctut — _JIW.II 07.0 — 1.06 1 iDG-D.-K-BD 
October ...._ ,130 .1.7,-1^61123 1130 
December ~. H'-fi* 23-1.06 1.2.7 '13 
FehruurV... .. I 2.16 8-4 -1.06 1 530-1230 

April — .- I <4 0. 143— Lib. 11 430 

J|uw i S3 103-1 '11630-10.00 

A Bfptal — ..! ■ ‘8 78.6— 1-75 

Sales: i« (741 lou of 100 tonnes. 


JUTE 


bUNDNE JUTE — Prices c and I UK 
SepL-OcL-' BWB and BTE £258. BWC and 
BTC £246. BWD and BTD £238. Calcutta 
OMds ' <wi«- Quautloas lor July 40-In 
10-ex £930, 75-ax £7.60, aus. 1230. £7.00. 


SMITH FI ELD (pence per pound) 
Scottish killed sides 543 to S83: Eire 
hlDduuarter* 83.0 u 683. forenuarien 373 
to 39.9; Dptch hinds and rods 78.0 to 
S7.D. Lembe RngHch small 583 to 62.0, 
medium 603 to 683. heavy 543 to 58.0: 
Scottish mediant 343 to @3. heavy 343 
to 58.6. Imparted frtuea: NZ PL 54.0 ta 
W-5. m tSM U SS.lL Park: SntfHsh. 
under M0 Si 373 to 44.0, 1DM20 Ih 39.9 
to 43.9. UO-UO B> 33-0 .to 413. 

MEAT COMMISSI OM— Average fetfitotil 
prices at r epr esen tative markets an 
July 25- CO cattle TOJSfp P« kff- Lw. 
1—131). UK Sheep U43p per kg. 
d-c-w. (—331, CB pigs 81Ap per k£- Lw. 
(-03). Ban lend and Wales: CatUe 

numbera Up 13 per cent, average price 
US-6&P (-13J1i Sheep on 193 per ran. 
average 13lft> 1-0.7): Pigs down BJ ner 
cent, average 313P (-031. Scotland— 
Cattle down LS POT -cant average 7335P 
(—8.47)1 5heep up e.1 par cent, average 
ISLSp f— 03t; Pisa up 23 Per amt, 
overage 623p (— i.n. 

C0VENT garden (Pricea in sterling 
per nackaga except where otherwise 
siatedc Importad prodnee: 0nuM»— S. 
African: Navels 4303J0; Braxfll«na: 430- 
530; Cstgnrnlan: 630439. Lem bps— 
Italian: UO/ISOb tmr crop 430439: 
Spania: Tran 2.00-S-20, large hexes S.94- 
430: S. African: 4303-40. Crapefndt- 
S. African: SWB 3.40439: Jaffa: dOs 440. 
MaAdOrinea— BreciUgp: 420430. APPlea— 
French: Go Ben Delktens 30-B 84a 400. 
439, 1 72* 450*. V. Ansirallan: Granny 
Smith 42M30: Tasmanian; Stunner 
Pippins 9.60338, Crafrons IL«. Demo- 
crats HJHh E. African; Crenay Smith 
8.40, Golden Ddlctam 9.99430. York 
imperial 103D: Cramty Smith 

7,00-730*. New Uealand: Sumner Pippins 
163 930, US 930. Red Dougherty 11.09, 
Granny Smith 450430: iullan: Rone 
Beano r per pound ojs. Golden DeSetnr 
0-19430. Paw*— Victorian: 40-lb 

JosephlDH 1030, Winter Notts 9.90: Per 
pound Preach; Dr, Guyw 2S4fa box 0.18: 
Spanish: UBHmera 418. Patches— 
Italian: Zl tray* 1303.09: French: 130- 


■W. Grape»— Prr pound Cyprus: 
Ordinal D.20-035. Sultana 9.25; Spanish: 
Cardinal 2.00. Plums— Spanish: 5 kilos 
Santa Rosa 130-2.70. Burbanks 130-230: 
Italian; Flarentias 20-lb 330. Golden 
per pound O.li-OJS. Ap ric ots Spanish: 
5 kilos 3.00; Hungarian: 3.00. Bananas— 
Jamaican; Per pound 0.15. Avocados— 
Kenya: Fnerte I4'24s 438-5.M; S. African: 
yu«nc 430-530. Capsicums — Dutch' 
French: Per 5 kilos 3.00: Julian: 1.S0. 
Cherries— Washington: Per pound 0.90. 
Onloiu — Spanish: 230-3.30: Maltese: 2.60- 
230. Petatoen— Cyprus: 430; Jersey: 13a. 
Tomatoes— Dutch: 1.80; Guernsey: 130; 
Jersey: 1.40. Melon* — Spanish: Yellow 
9/isa 280-3.00; Canary: Ogen S.-'lOs 230- 
2.40. Wnter- melons Spanish: 2.80; 

Greek; 2.SD-330. Swericoru— Spanish: 
Per Box 22 by 2 5.00. 

English produce: Potatoes— Per 58-lb 
1.00-130. Lettuce — Per 12 1.00, Cos 030. 
Webbs 0.90. Rhnbarb— Per pound, out- 
door 0.05. Cucumbers— Per tray 12/J4« 
030-1.09. Mushrooms— Per pound 030- 
0.60. Apples— Per pound Bramley's 0.10- 
030, Grenadier 9.16, To mot nc i P er 12-lb 
Fmfl igh 139. Cabbages— Per crate 2.90- 
2.40. Celery— Per I2'l6s L80-230. Straw 
berries— Per i-lb D.IS430. Cauliflowers 
—Per IS Lincoln 239-2.49. Bread Beaas— 
Per pound O.U-O.12. Peas— Per pound 0.0*- 
O.10. Cherries— Per pound Black 0.40. 
White 03CMI.S0. Gooseberries— Pi-r pound 
038. Levellers 035-035. Beetroos—Per 
28-Ib 130-L30. Carrots— Per 23- lb 130- 
1,30. CwbI uh i u -Per pound 0.16. 
Conrgemu— Per pound DJj. Black/Red 
Currants— Per pound 030. Onions— Per 
bag 3.48. 

* 

GRIMSBY PISH— Gnppbr rata, demand 
fair. Prices at ship's side innuroco^edi 
per stone; Shelf cod £3.«8-£430. codlings 
£2 .£043.10: large haddock £339-14. £0. 
medium £3.80- £3 30. email £139- £230; terse 
plaice £339. medium £400-14.50. best small 
E3.6O-t4.O0: raedlmu skinned dagfish IS.OD: 
large lemon soles £6.00- ntdiuin £5.09; 
saitha q .7e-e.40- 

Hong Kong 
plans currency 
futures market 

HONG “KONG, July 25. 
THE HONG KONG Commodity 
Exchange hopes to open markets 
dealing In currency futures and 
financial instruments by the end 
of this year. Mr. Peter Scales, 
the exchange chairman, said, 
reports Renter. 

He said the exchange planned 
to operate tbe market along the 
lines of the Chicago inter- 
national monetary market which 
deals in sterling, Canadian 
dollar, mark, yen and Swiss 
franc futures. 

The financial instruments in 
Chicago comprise interest rate, 
treasury bill and Government 
mortgages futures. 

Mr. Scales said the exact 
currencies traded had yet to be 
decided. 

The exchange will have to 
apply to Hong Kong’s Governor 
to change the commodity trading 
ordinance which now confines 
commodity futures trading to 
cotton and sugar. 

The exchange will have to 
show the currency and financial 
instruments futures markets are 
seeded and will be used before 
the licence to trade in these 
futures Is granted. 

Coypu attacks 

COYPTJ HAVE been attacking 
sugar beet and wheat crops in 
East Anglia and a campaign iff 
being launched by Coypu Con- 
trol, a team of trappers specially 
established to rid the Norfolk 
and Suffolk Broads Of this South 
American rodent. 

A total of 1,011 coypu, which 
damage river banks and eat farm 
crops, have been killed in Nor- 
folk and Suffolk in one month. 


PRICE CHANGES 

Price per t crane unless otherwise stated. 
■ Nominal. tWew crop. X Unqunted. 


Metals 

Alum mil 


Aluminium..- ... 

Pree market ( -tall 
Copper .jaab W JJar 
5 month* do. (to. 
CSata Cathode.— — 
i nsontbo do. do. 


JbW-25 

197.1 


E680 
fcl.D4S-5q 
£710.5 
rtSl 76 


+ or 


Month 

B£0 


X6S0 

S1B50-40 

+ 3.0 £100 
-1-0.0 [£719.76 


0706.7V, + 1.76X696.76 
£70836 + 2.0 IC715.2S 


G old ..Trot’ or. -l*-4.B7bl — 0.76]S1J4.87B 

Lead Owfa ^a07.875+5375i£«M.lS6 

i mootlv- — — . t51/.57»f+6-126|£3 16.75 


Platinum troy co. 
Free Market... — | 
Quicksilver (76ib.) 

,liver trey or 

A month! — — 

tin Cash 

4 moo Tbs 

Tunjmen ir) ... — 
WuJiram tajJHten\ 
0lno cash 


& motitba— 

Ptwluoera..... 

Oils 

Coconut (Phil)..., 

Gronniinnx- 

Linseed Crude iff . , 
Palm Malay an.. „„ 


£8 566 

- ia.566 



X.B7 

( X.9S 

£188 

1£133 

£13 1.25 

~1.1SI£1SZSS 

« 125. 30 

u .jS103/5 

283.3 1 

-2.7 >289p 

290.8 

-2.65.296.7p 

an 435 | 
>6.365 

+ 47.5(£6.702^ 
+ 22.6^6^02.5 

alJOAB , 




J»l 9.576}+a.B76 430 1.75 
£5 19.876; +5.6261C5 1X36 
I 1 8S 50- 606 


8fi50-Mlu 


S660p 

CeA8 

£959 

S6G&7 


deeds 
Copra Pbilllp ....... 

doymbean IUJL).„ . 

Brains 

Barley SEC ; 

Home Patum... 
Maua 


34504 

6269, 


— 20.0S680 
,—10.0 L70* 
1-5.0 3568 

— 15.0: 6630 


1-5.0 [S485 
i.O 19284.4 


1 

£82.45 

£100 


French No. & Arc 
WbesL 

No. 1 Kert ipnou. 

Nix^ Karri Winter' 

Btu-lub Muimist [£91.25 

Cocoa shipment £1.834 

Future sepi....... £1.753 

Coftae Future...-.., 

topt. .' £1,090 

Cottna-A' lodcx... 70.65.- 

Hooter kiln 58.75 

■ur**- (Ua «1 — -81 

Wuoflgig Me kilo... I 283 h 


i • 

L |£103.5 

£91.76^1-1.5 1 


16.25 


-J105 

+3.0 |£1,885 
I +2.5 £1,781.5 

-1.5 Ic 1.489 

|72.15e 

+0.7S'57.5p 
-1.0 (£96 
l283p 


fc August- m June-August, n JairJSem. 
P J uly-.vua. q Sept- u Austmt-Sept. x Per 
urn. * indicator price eiL per 18 felloe. 


INDICES 


FINANCIAL. TIMES 

■I'njyM j - J 81 Mircth 


h ago 
6.44 


Tear ago 


alJ5l+ah.3 | a 46.44 I 43.00 
tB 4W July L I9S2=100) 

REUTER’S 

nly ati'ilonth ago] Year a«o 


1411.11 L416J4I 14U6.0 


152611 


(Base: Sepiember IS. 1931=190) 

DOW JONES 

Joe- | July [ July | iloniq j'Vwr 


01 


"fly 


._|«B O Jido c .4 IIP 85.65ja 70.8 1 
Putumf 33.87 [338.03|3S0.38i441.43 
(Avaroee i9M>i54a=iM) 

MOODY’S 


July 

July afoul h Tear 

Moody's 24 

a IflO ago 

8 pie Commty'B 10 9)9 17.41 923.41^60^ 


(Deranfca- fl. issi=W) 


COTTON 


LIVERPOOL COTTON— Spot and ship- 
ment sales amounted to 71 tomes, brtnjj- 
lns the total for the week bo far w 234 
tonne«. repairs F. W. TattersalL Miner 
transactions continued, (riih tnimwt 
mainly, centred on Sooih American 
srowtlK- ScaueftHl edopor in Airinn 
qualllles was memloocd. maether with 
mnflesi weistus sold in Middle Baswrus 
styles 


U.S. Markets 


Mixed trend 
for precious 
metals 

NEW YORK. JnJy 24 
COPPER sold sbarplr on Conmlssia 
House liquidation and trade heda 
s ltlng, FollowinR a weaker UJS. stod 
market. precious metals Sirawet 
diventenr trends nn mixed trade an 
speculative activity rolimved renewe 
weakness in the dollar. Susar afat 
recorded new life on contract taws « 
Commission House stop-loss seffim 
Cocoa rallied on trade arbiirase burin 
roUmrinB a stronger sicriuur. Coffe 
eecUned m liabt activity and po pbyalci 
demand, 

Cncaa— Sept 14635 1 143.00 1 . Dot 

143.00 (2-C./U). March 146.09. Star 2ir.«t 
July 1S.45. Sept. 133-85, Dec. . 131.7> 
Sales: 423 lots. 

Coffcn— ’• C " Contract: July 129.0 
asked f 125. 901. Snpt- II3.25-U4.1W £117.021 
Dec. 106.00. March tni.73 asked. Ma: 
90.50 asked. July 101.50 asfc.-d. Sepi. 101.0 
asked Dec. ioi.od a^Ked. Sales; 49 
tala. 

Coptwr-jnjy siJ5 (S2301, Anciu 
M.TO (03.10 1 . Sept. 02.35, Dee. 64.15. Jar 
6473. March 6533. May 6BM. J Ufa- S7.B2 
Sept. 68.95. Dec. 70 A5. Jan. 70.95. Marti 
7135. May 5226. Sales: 3.500 inis. 

Cotton— No. 2: Oct 59.26-6930 lliO.lQ: 
Dec. Ct. IS 1 62.151. March 63 00. Ma: 
‘633040.80, July 84SO-H.B0. 0«. 643J 
G4.80. pec. 64.55. Sates: 3.B50 bates. 

* COM— July 193.40 H9330I, An bus 
M 3.89 (IffiJOl. Sent. 195.40. Ocl. 19490 
Dee. 200 00. Peb. 203.10. April 20440, Jnu 
209-70, August 213.00. (5«. 216.40, Dec 
31930, Feb. 223J0. April 22400. Sales 

11.000 lota. 

♦Larf— Chlcaso loose unavailable. N1 
pimte steam 24.25 asked (24.00 traded) 

TMabo— SepL 224229i i2MJ). Dee 
235-2351 iS39i. March 2tt4-243i. May 24S4 
July ZSOi. Sept. 252. 

SPtaUfliim— On. 25470-233.00 1237.40) 

Jan. 339.00 #251.. 1»I. April 2S2.40-2S2.fiJ 
Ju y 2M.20. Oct. 2711.40-270.60. Jan. 27440 
2i4.60. Sales: 1.711 lots. 

,I S "'' C rr- ,ulr S* 8 -* 1 * 347.20 1, Aueus 

549.40 (544351, Sept. S53J3), Dec. 56550 
Jan. 560.50. March ST7.R0. May 56460 
July 395-50. Sept. flW50. Dec. fl|s«n 
Jan. G22.SO. March 632.30. May MI-90 
^5*. ’ft 500 tan. Handy and Harnui 
Spol balllon: 345.00 i 537.Tm. 

‘ Soyabnan*— Ausun 82S-5ii i6461) 

SffiJS* 7 "??* NoT - 393J-3N3. Jan 
«I<-80L Marrh 6IIA10. May 614. Juft 
8l<. Ausubi 617. 

Meal — AuKORf IBs off- 1641) 

sew- i«-« (166.10). ncr. msa 

JS'm- , "rSl 1S10n - 161-70 

18160 . Marrit 163.0416450, May 166.00 
165 A0. July 167.00-166.4 

Ml— Aurast 29.85-23.71 
"^‘rJ***-*. =3-00-23.63 (23.72), Oct 

K* 21.3Ml.fiO 

March 21.50, May ti.4S. July 21.40, 
Aumsr 22.4A2I.45. 

11 SCW- 8.0341.® (6.13) 

* « H 154 ?™ 1 ?’: Jan - 8JM-30. Marti 

fi.ffl. May 8.62. July 8.954LS7, Sept. 7JS 

‘ 4,2S8 locs - 

JT*-5jl-S.70 nora. (5.49-3.61 norc.1. 

309 '3IM1. Dec. 3U 
jite MBJTb 51M15J . Mar 314 

Winnipeg. July 24. ri Rye— July 94.01 
"«»• f 4*-00 hid'. Ocl. 94.20 as Hot 
ii70o asketn, Nov. s 5.90 a arc. Dec. 93 .fi 
asked. May SS^O asked. 

ft Oat*— July 7flJn (89.70 ■■ Oct. 71 J| 
h'd'TOW hld>. Dec. 7lio asked, Marti 
7L2H hid. May 71.D0. 

ttBartay— July 7X40 hid (72.10 bid) 
Oct. 73 00 Md (Tl 60-71.90), Dec. 7X2| 
h'd-.Mflrch J3.I0 bid, May 73.50 bid. 

=28 ‘“ hld ‘M-M bid! 
Ocl 23.00 bu isaijjoi. Noe. 230.00 asked 
P CC. 2 27.00 Md. May 28X50. 

J^ a t7l c , w ^ s 1M per cent preteh 
contem of St. Lawran» 16 OJ 1164,33). 

AB cents per pannd ci-Va retro rar 
unless otherwise swied. ’3a oer enn 
ounce — 100 ounce tots. tCMcuu loose 
ta MV 100 lhe— Dept, of A& prices ^ 
vlous dap. Prime steam fob. ny bulk 
tank care, t Cems per sa lb btuhel ex. 
warehouae. 5.000 bushel tat*. BSs m 
troy ounce for 50 ox amts of BBS r»> 
cent purity delivered NY. I Ceaiy on 
troy ounce ex-warcbouse. || New “ B “ 
confranr in Ss a short mn for bulk loa 
Svi ^ toas dellverel f.o.b. cars 

S’rSf.'S' 1^****, S ,t ^ aats uad Alloa 
s* Cent! per 69 lb bushel in store: 

24 “> hushcL tt Ccnta pS 
4B lb hnttoi ex-wardinuw. IJ Cmm« p « 
5» io nusncl ex-warehouse, 1,008 busk»j 
taifi. tl SC pur tonne. 







l( 

ii 

:e 

h 

ii 

I. 

A' 

ut 

3) 


• r 


22 


Financial Times Wednesday July 26 19?8 




STOCK EXCHANGE REPORT 





Emphasis switches from leaders to secondary equities 

Bargains marked highest for two months— Gilts end mixed 


Account Dealing Dates 
Option 

* First Declara- Last Account 
Dealings lions Dealings Day 
July 1 A July 20 July 21 Aug. 1 
July 24 Aug. 3 Aug. 4 Aug. 15 
Aug. 7 Aug. 17 Aug. 18 Aug. 30 

* " New time " dealings may take place 
from 9 jo R.m. two business days earlier. 

Although the undertone re- 
mained sound yesterday in 
industrial shares, the accent swung 
from the leaders. It turned to 
numerous secondary stocks and 
those thought to be potential take- 
over candidates. As a result, the 
number of bargains marked. 5,450, 
rose to the highest since May 26. 

Few sectors of the market were 
hindered by the Treasury's plan's 
for dividend controls, slightly 
tighter than originally envisaged, 
blit enthusiasm for leading shares 
became patchy at the recently 
enhanced price levels. Reflecting 
this, the FT 30-share index was at 
its host at the 11 am calculation 
of 4S6.4 before closing with net 
1.5 cain at 4S5.4. 

The approaches to Bourne and 
Hollingsworth triggered consider- 
able interest not only in B and H. 
finally 85 higher at 200 p, but also 
in various other small stores 
among which Grant Bros.. Aloss 
Bros., and Waring and GiUow 
became prominent. 

British Funds extended the 
recent upturn before activation of 
the near-short tap Exchequer 10 
per cent 19S3 t£45-paid) at 45,'.. 
by the Government broker. His 
assertion of control tended to 
dampen interest, particularly for 
the shorter maturities which 
reacted prior to steadying and 
closing only marginally easier off 
balance. Frequent earlier gains of 
i among high-coupon longs were 
halved in sympathy. Hopes of a 
possible reduction in bank rate 
revived following the slightly 
lower rate on this week's issue of 
Local Authority yearling bonds. 

Gold shares took a respite after 
their recent strong rise. The 
initially lower price of bullion 
prompted profit-taking and the FT 
Gold Mines index reacted 4.9 to 
175.4. but late in the day the rally 
in the metal price promoted 
renewed American inquiries and 
most shares closed above the 
worst. 

Investment currency rates con- 
tinued to fall. Further offerings 
from arbitrage sources, released 
hy activities in overseas shares, 
found buyers extremely reluctant 
in view or the current trend in 
sterling and the premium reacted 
to 98i per cent before trade 
became better balanced. Finally, 
the rate recovered to 99{ per 
cent for a net loss of 3J points 
more. Yesterday’s SE conversion 
■factor was 0.6788.(0.6589). 

Activity in Traded Options 
diminished considerably and from 
Monday's sizeable total of S95. tbe 
number of contracts completed 
fell to a modest 46S. Grand Met. 


recorded 100 oT these followed by 
ICTs S4. and Cons. Cold’s 67. 

NatWest easier 

Around 4 up immediately In 
front or the interim results, Nal- 
West turned easier on the unin- 
spiring first-half profits to close 
5 lower on balance at 273p. The 
other major clearing Banks re- 
acted in sympathy with Barclays, 
the next to report on Thursday, 
finishing 2 harder at 330p, after 
332p. while Midland reporting a 
day Inter, closed at the overnight 
level of 365p, after 372p. Else- 
where. Griudloys rose 3 to 123p 
in response to the sharply higher 
half-yearly profits. Foreign issues 
eased in sympathy with a fresh 
relapse in the investment currency 
premium. AJgemene fell 4} points 
to £126 and Deutsche 4 points to 
£114. 

Breweries closed with the occa- 
sional modest gain following a 
slow trade. Distillers adged 
forward a penny making a rise 
of 10 to a 1978 peak of 193p 
since news of the planned price 
increases. Amalgamated Distilled 
Products closed a penny belter at 
37p in front of the preliminary 
figures. 

Building descriptions continued 
firmly in a slightly improved 
trade. Steady demand lifted Blue 
Circle 7 to 260p. and. in further 
consideration of last week's 
annual results. Magnet and 
Southerns firmed 9 to 20Up. Re- 
vived bid speculation prompted a 
gain of 10 to 2U8p in Tunnel B, 
while Leigh Interests, trade- 
linked to Lhe latter, rose a similar 
amount to 170p and T. W. Ward, 
with a near-30 per cent interest 
in Tunnel, improved 3! to 71lp. 
BPB added 6 more to 236p follow- 
ing Monday's announcement that 
its' wholly-owned subsidiary. 
British Gypsum, is to increase its 
prices. In Constructions, satis- 
factory interim results left Taylor 
Woodrow S to the good at 374p. 
Y. J. Lovell added 3 to 8 Sp and 
John I*aing A firmed 5 to lS9p. 
Housebuilders Barratt Develop- 
ments. 106p. and Comben. 37 p. 
firmed 5 and 3 respectively, the 
latter in continued response to 
the higher interim profits. 

On initial early demand. ICI 
touched 395p but later reverted 
to its overnight level of 391p. 
Similarly. Fisons closed unchanged 
on the day at 365p after 369p. 
William Ransom encountered sup- 
port in a thin market and put on 
10 to 220 p. 

Bourne jump 

The overnight revelation that 
Bourne and Hollingsworth js to 
enter talks which may result in 
an ofTer being made for the shares 
prompted a jump of So to 200p, 
after 205p, and sparked off specu- 
lative interest in other secondary 
Stares. Grant Bros, rose 8 to 90p, 
after 92p. and Moss Bros, im- 
proved 5 to 123p. after 124p. while 
Waring and Gillow gained - 4 to 
117p. Cambers (formerly Vernon 


Fashions), lOTp, and Wallis, I97p, 
rose 16 and 12 respectively and 
Freemans put on S to 23Sp. The 
leaders remained firm, and Com- 
bined English gained 3 to 104p 
on the group's agreed disposal of 
its loss-making Belgian subsidiary. 

Bowthorpc featured Electricals, 
rising 4 to 59p on speculation 
generated by news of the death 
of the chairman Mr. Jack Bon- 
thorpe. Ward and GoWstwnc picked 
up a like amount at S9p on 
further - consideration of tbe re- 
sults, while similar improvements 

were recorded in Chloride, llSp, 
and Forward Technology. 133p. 
Racai Electronics fell 6 to 260p 
despite the optimistic tone of 

the full report while Rotaflex 


cash takeover bid for BusheTl's 
Investments, the leading Aus- 
tralian tea processors and dis- 
tributors, and small buying in 
anticipation of today's preliminary 
figures lifted Somportcx 2 to 70p. 
J. Salisbury hardened 3 to 21. ip 
as did Associated Dairies, to 244p. 
Hotels and Caterers bad Ladbroke 
4 higher at I59p following the 
chairman’s statement on pros- 
pects, while Wheeler’s Restaurants 
rose 5 further to 360p on the 
preliminary figures and capital 
proposal. 

P. Harris good 


& 

Miscellaneous Industrial leaders 
continued firmly with buyers 
pushing prices- higher on the 




480 


450 

440 

430 

420 

410 

400 


390 



ias= 


ELECTRICALS 

m 

■ 

8 


F.T.-Actjiaries l^^x: 

ii 

F 

1 W 



ms 

r 


i 

H 

r 


* WP 




t 

I 



w 

r 







1 





1977 


1978 









NOV DEC JAN FEB MAR APR MAY JON JEJL 


(GB) shed 2 to 50p on the first- 
half profits setback. 

Features in Engineerings were 
usually outside of the leaders. 
Speculative demand in a market 
short of stock helped George 
Whitehousc to add 8 to 95p, while 
demand of a similar nature 
prompted a rise of C to 13Sp in 
M.L. Holdings. Wadkiu gained 8 
to l30p. and Baker Perkins 
advanced 5 to 105p. Howard 
Machinery closed 2 dearer at 26p. 
after 2 Sp. following the interim 
figures. Comment on the results 
helped Neepsend to improve 3 to 
46p and Floidrive edged forward 
a couple of pence to 83p after 
comment on the bid situation. 
Davy International on the other 
hand, lost 8 to 262p in reaction 
to tbe disappointing annual re- 
sults and IMi softened a penny 
to 62p on reports of a down- 
grading of 1978 profit estimates. 
John Brown hardened 2 more to 
420p among the quietly firm 
leaders. 

J. Bibby came to the fore in 
Foods, rising 9 to 24Sp, after 254p, 
on renewed interest in a restricted 
market Sown tree Mackintosh 
became prominent at 403p. up S, 
on dividend hopes. Brooke Bond 
edged forward It to 47p follow- 
ing the announcement of a £20 im 


hope that the Government's 
dividend Bill will be defeated. 
Beecbam, 680 p, and Glaxo, 5S9p. 
rose 7 and i) respectively. Else- 
where. Philip Harris were out- 
standing at Sop, up 13p, following 
speculative demand in a market 
none too well supplied with .-rock, 
and Macarthys Pharamaceuticuls 
advanced 7 to 94p on the sharply 
higher preliminary profits. Still 
reflecting Monday's news of the 
bid approach, Peerage of Birming- 
ham touched 64p before closing 
2 better on balance at 62p. while 
comment on the results prompted 
a rise of 10 to 190p in Siebe 
Gorman. Booker McConnell were 
supported up to 288p, but closed 
only 3 dearer at Z76p, while 
improvements of around 5 were 
recorded in Extel, 116p. Charles 
Hill or Bristol, also 116p. Wedg- 
wood. 122p and Initial Services. 
87p. Buyers came .for Carlton 
Industries. 8 to the good at 204p. 
By way of contrast. Wilson Walton 
fell away to 54p on the announce- 
ment that publication of the 
report and accounts had been 
delayed before rallying to i< 0 p 
following presentation of the 
Board's unaudited figures and 
news of major contracts; the close 
was 2 down at 55p.. 

Motors and Distributors ended 
little changed Following a reason- 


able trade; H. Perry recorded an 
above average gain of 9 at a 
1975 peak of 122p, while interest 
was also shown in Braid 
harder at 3Sip, and Phaeton's 
(Scarborough), 2? -belter at S4;P- 
Lex Service Traded briskly before 
closing a penny better al S3p. 
Dowry, at 235p, gave up 5 of the 
recent rise. 

Following the offer for the out- 
standing minority from S. Pear- 
son, Pearson Longman put on a 
more to 24Sp: the former dosed 
3 higher at 22S. placing a value 
of 258p on each Pearson Long- 
man share. Elsewhere, Daily Mail 
A improved 5 more to 335p, while 
revived speculative interest left 
31111s and Allan 8 up at ISSp. 

English property fall 

Recently buoyant on take-over 
expectations. English Property 
reacted 9 to 37p following the 
after-hours announcement of the 
term i nation of bid discussions. 
Sympathetic reactions ensued else- 
where. with leading issues retreat- 
ing from quietly firm levels; Land 
Securities, at 221 n, gave back an 
initial gain of 2 and MEPC closad 
a penny easier at 129n. after 131 p, 
while Stock Conversion, awaiting 
today's annua! results, finished 2 
cheaper at 262p. after 266p. 
Selected secondary issues made 
progress in places; Imry put on 10 
to 325 p. and Chesterfield 6 to 
Slop, white Bradford at 262 p and 
Jerrayn Investment, 40p, both 
beld gains or 4. the last-named 
in a restricted market. 

Oils passed a quiet session with 
leading issues rareiv stirring from 
overnight levels. British Petroleum 
and Shell both held modest im- 
provements at S72p and 560p 
respectively. Ultra mar remained 
at 2G4p on the announcement that 
negotiations are taking place for 
tite purchase of Canadian Fuel 
Marketers, a wholly-owned sub- 
sidiary of SbolL Elsewhere, de- 
mand in a thin market lifted 
Lasrao ‘Ops' 15 to 350p. 

Boustead. a firm market of late, 
came on offer and fell G to 54p. 
Other Overseas Traders tended 
to higher levels with Lonrho 
hardening 3 to 63p and James 
Finlay S to 355 p. 

Small rises littered Investment 
Trusts following an uneventful 
session. Glenderon Investment 
“ B " hardened 3 to 97p. while a 
similar improvement was recorded 
in Lowland Investment 53p. 
Awaiting developments in the bid 
situation. Investment Trust 
Corporation also gained 3. to 2S2p. 
Activity in Financials was largely 
confined to the recent speculative 
favourites. Fitzroy Investment, at 
22 p. gave up 2 of the previous 
day's rise of 3, but renewed 
interest prompted gains of 2t and 
5 respectively in Bawnay Day. 45p, 
and Fashion and General, 120p. 

Shippings were ignored and 
closed with little alteration. 

Textiles had an isolated dull 


feature in Harold Ingram which 
dropped 41 to 334 in the late trade 
on the sharp fall in earnings and 
the om issi on or the final dividend. 

Guthrie continued firmly in 
Plantations, rising 10 for a two- 
dav gain of 21 to 373p. Other firm 
spots included Bcrtam Consoli- 
dated. up 7 at 127p, and Jltra, 8 
to the good at 103p. 

Golds lose ground 

South African Golds showed a 
distinctly easier tone, but re- 
couped part of the earlier losses 
in late trading as U.S. buying 
entered The market and as -The 
bullion price staged a recovery. 

The Gold Mines Index even- 
tually was down 4.9 at 175.4 and 
the bullion price finished 75 cents 
lower at S194.375 an ounce after 
an afternoon fixing of $193.39. 

Trading was at a fairly Ioiv ebb 
for most of the day, responding 
to the fall in the bullion price 
with the Cape emerging as sellers. 
Some of the stock was absorbed 
by London buyers, but when the 
U.S. entered the market losses 
were substantially reduced. 

West Dries, fnr example, fell 
to £21; before rallying to £22 J for 
a net loss of J. Vaal Reefs fell 
to £15. but recovered to £15! for 
a net fall of i. Other stocks which 
moved in similar fashion included 
Buffelsfootein which closed down 
39 at 9S6p. President Steyn. 52 
lower at 83Sp and Saint Helena 
44 off to STDp. 

The fall in sterling terms was 
exacerbated by the decline in the 
investment dollar premium. This 
affected the whole list of over- 
seas-based stocks. 

Among South African 
Financials. De Beers, which 
appeared in the list of active 
stocks, fell 19 to 3S4p on small 
selling influenced not only by the 
premium but also by question 
marks over the terms for 
Namibian independence. 

The Australian sector was 
slightly easier, despite a steady 
performance in Sydney overnight; 
in quiet trading. Conti nc Riotinto 
were 4 softer at 250p for example. 

Shares of the London parent; 
Rio Tinlo-Zinc, were 2 harder at 
222 p in 1 inc with t he general 
trend among London Financials. 

Coppers and Tins were untested 
but Rhodesians were affected by 
news of the violence in Salisbury. 
Mangula were 2 easier at 45p and 
Falcon fell 7 to 173p. 


financial times stock inwces 


Sonmraoi «*••.““ 
Fix eit Ind 


70.78 70.70 
71.70 71,41 


Industrial OrflBMT....; 

Gold Mine*.— 

Ort. DIt. VW4 

Ewaioci. VkH.lcllH” 

P;K Kurin tn*IH"T' 1 

D ealin g* n»i4**l 
Ki]nt(« mnvwvJJm-. 
Gftuii r hnrs*ii* M? 


71.07 70.OT 
72.25 72 05 

483.4 «83.» 479.2 470.4' 

179.4 18 0.5 175.0 lTO-7, 

8.00 3.54 0.64] 

16.68 1*81 17. 14; 

8.01 7.94 7 .W 


3.47 

16.60 

8.05. 

0.450 


4.952 4.438. 4.5fl7 : 4.585; 


70J37 ( TO,: 

71.84’ 7M«j ••«£»* 
•87-7; 47*4 .4WI 

144 4; ***» *».# 

M& : S<90 
17JM. 17.H)jVifcfi8 
7.74 1 7,86 S.tt 

MMTfcMr 


_ 82.96 105-34 75.77 76.84 MM 

Z 17AM 17.653 13,930 JS.J72 l7.W rtI jg Q 

10 am 453.0, U am ’ *** 1 

2 put 4$4 *. 3 ■ ■ 

Latest hide* MWM* ***■ . v V 

JOTS 'SV2M& 

in?, U 9 *. 4R Aetftiu- Juiy tj4tr ’ WL - v; y ... 

Acmwv 


Mines 


highs and lows 

“ ■iijK’’ 1 OnitHlatMi 

ll>'« 


S.E. 


July 


8( R h 


Low 


High 




Uon.£)««- IM® 

i (J.'U 

Fixed Inc...- 1 81JS7 
lad. Ord.....' 


88.79 | 127.4 ; 49.18 

. i9 D5M ; l5»l:TM 

70.75 ! 160.4 30.35 

At) : ifl/U) <!2 , ;Ili4i) I ULL'il-J 

497.5 I 435.4 : 649.2 ' 49.4 

<h.t» i (g.5i ■ S6.ii.4ti 


Qoiil Mlnn- 


100.5 

SJ-.t 


150 3 

«!»■■ [ ■ 


442.3 45.3 


-UMiy 

Glit-Wlt-t.J 
iLnlu-lriW.-i 
SpeniiaUrv,','.) ' 
T.-iai*. ^ 

tilt'.K4eM... ; . 

■pwiwnf. 




104.4 

'Ml ] 
184a | 

I»44 

»07Jf 


IW.9 

219.5 

168.3 

U7.fi. 

37,9 

104,1 


RISES AND FALLS 
YESTERDAY 

Up Dawn Sane 

British Funds « U IS 

Corpus. Oam. and 

Foreign Bonds - 20 2 42 

Industrials 4ft Z» E7 

rineocial and Prop. .. 14 M 255 

Oils 6 * . 2Z 

Plantation S & a 

Mines 10 SO » 

Recent Issues .......... 4 5a 


Touts 


740 400 UP 


DEALING DATES 
Last Last Fpr 

Ural- Declara- Setile- 

tugs tlon mrnt 

July 31 Oct. 12 Oct. 24 
Aug. 14 Oet-26 Nov. 7 
Aug. 29 N'OV. 9 Nov. 21 
For rate indications *c«* e«ti oj 
Share Information Service 
Stocks favoured for the call 
were Burmah Oil, English 


First 
Deal- 
ings 
July 18 
Aug. 7 
Aug. 15 


OPTIONS 

Property, Coral I^lkttre, Ccnt«> 
way. Shell Transport, - British 
Land. Premier Consolidated oil, 
COT. Nonvest llofcth Raybeck. 
Lex Service. Ward White, Wil- 
liam Press and Pekp tyailsond. 
while doubles were arranged in 
Premier Consol Ida ted Ofl, British 
Idind and Bnrmah (ML. Short- 
dated calls were Taken out in 
GEC and laterofittatti Com- 
puters. 


LONDON TRADED OPTIONS 



|4flV 

LMiJw 

J»u 

Llixiu: 

effrr 

mrv 

At'«l . > 


i >(•> ion 

I’illT 

ToI. 

V..I. 

Cii-ins 
■■fTcr ; 

Yu!.: 

Kq'iinr 
. riusa 


7SO 

242 



184 


— 


871p 


aoo 

97 

— 

122 

— 

140 

— 1 1 

' ^ 

UP 

BSO 

62 


91 

— 

107 


•a 


900 

28 

12 

bl 

- - 

80 

— 

150p 


140 

10 

— 

19 

1 

26 



lbO 

7 

S 

12 

- - 

. Id 


MM 


160 

24 

• 1 

34 

26 

44 

I 

18Lp 


1UO 

19 

33 

21 

— 

32 


at 


200 

9 

6 

1Z 

1 

. lb 


120p 


100 

Z5>"." 

2 

. 6 

•- 


— 


110 

17 

— 

18 

— 

23 

' — , 

H 

Coutlsu'il- 

120 

81- 

15 

121: 

-- 

17 


If 


1JO 

4i- 


?«, 

5 

12 



II KC ; 

220 

61 

6 

67 

— 

— 

— ; 

B75p 

IDA 

240 

42 

& 

51 


66 


.. 

«i:c 

2e0 

28 

15 

ib 


4.4 

— I 

•a 


260 

16 | 

18 

; b • 


22 ■ 

" • 

11 3 p 


100 

18 

9 : 

22 >j ' 

s 

251; | 

s 


110 

91: 

25 ' 

141; . 

9 

17 

29 

'll 

Grand Aid. . 

120 

5 

10 1 

Bl, ! 

10 

12 

— 


U’l 

3JO 

69 

5 : 

7! , 

4 

74 


391p 

i( 1 

260 

40 

4 ! 

50 > 

10 

55 

2 

' 

K'l 

300 

21 . 

27 ; 

32 

20 * 

36 


|B 

111 

420 

7 

^ , 1 

16 

2 



' ^ 


ISO 

46 ! 

2 

49 



52 

— 

2C2p 


200 ; 

251; 

28 

30ie 

3 

36 

r 

M 


220 1 

12 ," 

16 | 

17 . 

15 

23 

2 

.| 

UsrL, A Sp.. 

120 < 

49 i 


90 

- - i 

53 

- — ‘ 

Itibp 


140 

29 ‘ 

16 1 

32 

12 

36 


’ ,, 


160 ; 

12 ‘ 

18 i 

17*2 i 

15 

23 . 


-• ( 

SlnVI , 

500 

75 i 


82 


90 


G60p 

sl.HI 

650 i 

38 ! 

8 

52 

— 

60 • 


•• 

mi.-h : 

600 ; 

13 1 

- 1 

28 

1 

35 



Tidalm 

— — 


294 ; 

1 

— 

135 j 

— — 

39 ! 

1 



A FINANCIALTIMES SURVEY 

LEISURE 

INDUSTRY 

August i 1978 


The Financial Times is planning to publish its first major Survey 
on the Leisure Industry. The main headings of the provisional 
editorial synopsis is set out below. 

INTRODUCTION Leisure is one of the major growth sectors both in 
the U.K. and overseas. What changes that have taken place within the 
sector to meet this growth and what of the future. 

LEISURE CENTRES 
HOTELS 

U.K. HOLIDAYS AND CAMPS 
OVERSEAS HOLIDAY OPERATORS 
BINGO 

HORSE RACING 
BETTING AND GAMING 
GREYHOUND RACING 
CASINOS 

LEISURE COMPANIES 
RESTAURANTS AND CATERING 
TOYS 

DO-IT-YOURSELF 

CINEMAS 

AMUSEMENT MACHINES 


For further details and advertising rates please contact: 
Richard Jones 

Financial Times. Bracken House 
10 Cannon Street, London EC4P 4BY 
Tel: 01-248 8000 Ext 323 

FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 

The content and publication dales of Surveys in the Financial Times 
are subject to change at the discretion of the Editor. 


NEW HIGHS AND LOWS FOR 1978 

NEW HIGHS (227) 


BRITISH FUNDS 12} 
BANKS 14) 

BEERS (31 
BUILDINGS <7* 
CHEMICALS (Si 
DRAPERY A STORES (141 
ELECTRICALS (TOl 
ENGINEERING (24) 
FOODS i3t 
HOTELS I3i 
INDUSTRIALS (43) 
INSURANCE (4) 
MOTORS (2) 


NEWSPAPERS 12 1 
PAPER & PRINTING til 
PROPERTY |3> 
SHOES 111 
TEXTILES >6» 
TRUSTS 1841 

OVERSEAS TRADERS (2) 
RUBBERS H> 

- MINES (3) 

NEW LOWS (2) 

DRAPERY & STORES (1) 
HertrJauK A 

INDUSTRIALS ID 

Oremtanc 


ACTIVE STOCKS 

No. 


1 Denomma- 

of 

Closing 

Change 

HITS 

1978 

Stock 

tion 

marks price (p) 

on day 

high 

low 

ia 

£1 

13 

391 

— 

39fi 

325 

BATs Defd 

25[> 

11 

278 

i o 

296 

227 

Shell Transport... 

25 p 

10 

560 

+ 2 

3SB 

4S4 

De Beers Defd.... 

R0.U5 

S 

384 

.-10 

412 

2S5 

Distillers 

50p 

8 

193 

+ 1 

193 

163 

Grand Met 

50p 

S 

115 

— 

117§ 

87 

Beecbam 

23p 

7 

(580 

+ 7 

6S0 

583 

Blue Circle 

£1 

7 

238 

+ o 


220 

Comb. Eng. Stores 

12SP 

7 

104 

+ 3 

104 

73 

GEC 

2.1 p 

7 

274 

— j 

27S 

233 

GUS “A" 

25p 

7 

300 

— 

312 

236 

GKN 

£1 

7 

270 

+ 3 

2S6 

248 

Marks & Spencer 

25p 

7 

166 

— 

266 

135 

Tate Si Lyle 

£1 

7 

170 


21S 

164 

Tunnel Hidgs. “B" 

5Up 

7 

29S 

+ 10 

300 

225 


RECENT ISSUES 


EQUITIES 


Inue 

Price 

p? 

= 

:3c. 

=3^ 

l%z 

137H ! Uv j | .'J l\ 

j 

Hisl. i L..W | ! ' £< ; 3 I 1 

78 

K.I’. 

306 

; eb 'Bra mall fC.D.i _....( 88 ' r |4.5 i 3.1' 7.7 1 4.7 

55 

K.P. 

21(£ 

7t* 1 ’ll i.mrtlen. Suvcru-xla .... 75 +2 'ni'2.41, 3.1: 4^i 6.7 

rc 

F.P. 


12ij' 10 'Eraniy 12 ....... — i — — 

too 

K.V. 

6.7 

HM i M2 .Ktinnhenu 163 —1 2.64 3.0' 2.515.6 

85 

K.I*. 

24 it 

41 1 21 IHnniiiii- Fw.Scr.-i.-e-, 87 4.66 3.0 8.16.1 

Y«i 

F.P. 

— 

70" [ 70 lllnn. A JLt-ini. Inv. T--4; 7Q]"- — ' — ; — | — 

tae 

K.I*. 

— 

if , IliiMine- li.i-voi 35 ; *,»2J) 2.3 8.7, 7.6 


FIXED INTEREST STOCKS 


1973 


j <£ |=“[ Wall | J 


Slnrk 


i f t j+_^ r 


■ ■ I — 

« • > F.1* 
- ■ ■ Y.V 
1-98 £50 
£99.4< F.l’. 

S100I P.l* 

II i£lO 
IOOpI k.i* 
ClOO I p.l*. 
P. 

II '£25 

’ - - I F.L*. 

Vt ! r.H. 

• ■ j r.p. 

v. ! r.i*. 

• ■ I F. I*. 

• • I — 
1109 I K.P. 
£99 Ji H.K 
698i«:i:45 
£99 £30 
3100; Y.V. 
£99 h P.l’ 


^8/7 

18(8 

22.9 


7/9 

16(8 

I "28 .7 
135 /fi 
121(7 

Jai/7 

| 9iB 

\iih 


| 20 .< 10 
121/7 


15.-9I 


961k i 
»1 

61 ic‘ 

Sd?l; 

I07gl 
104). ; 

1005a 
aoij 
2Si,' 
8<!4|J 
«H 
K&tp- 
86 , 

*}< 

97). 

HW. 
100 1 
441,1 

wi: 1 

SSC1 B I 

EH 

9&I) 


S4|. AlrlUnr Suxacilines !0» Pn.. 

CTI .' Al.lol lAAlllLM ' b ^ P(VI 


94). 

88 , 




91p>A.li>-l IfdHik-n 9i Hrt-j 92j 1 

4h 'thrnct I'<i l!ri. I&fl ' Bll- 

99 iBirminulmm V»r KhIl- iia-3S ; B9lj 

H.U. lftte S971, 

luitiKit* Antflw IVawrii (tint. Prvi. 1935 ■ 10i*i ... 

IOIi. KcttIymkI'aI 1n.-.OiIk«10.y{«<l2iriCuinPi«l." 103p, ... 

935a K>linhii(i!li V»r. 1985 , 995a ... 

'll -' 4 tixM;s Viler 1% \ie». 1 ‘n-f. IsM wai 2 : ... 

2Mt : F4Uvi«w It t>. bcli .■ 23«ai ... 

96|vJH HuHlmpi 1C^ Pi«l ■ 97).' + I 

ri I ( U jui- 1 1 *rte I P^Prcl - 89pi ... 

lOlp" Miner (Ft tl£ Puri. i I01i,| ... 

ea miqhIot* PMUy u>nv. i;n,. LiLte- a. ss , ... 

1 «( Mmiy CFF«I*|| 10* 2ihi Cura. hH ! 94p ... 

37|. Potbunv 10^ Vref - - 97n ... 

10i{> lariunMrtl UlW*. lit PtPI i 107), .... 

(HI*' .rfbui V«r. ll«U- Hfd. 198i 991, 

4i 12% Itol. |-«7 44 

49 "south. Tyneri'le Vlii, KoL l*€ 494, 

S*JU i rh..ni loti. Fill. T% Li.nv. L988 S98U 1 

WhikJiwuiIIi Varinblo 1983 ' 995$' 

)V,-| Km 1 1 Wi,l«-r L!% Dvl>. 14*.. : 241]! 

94 |i.V.iuna .V On. Bn-ncry I ’ref. | 95 ji! 


—la 


“RIGHTS” OFFERS 


I-4UT I ="^ 
I "ruu " f ^ 

I'" i <= - 


It’tllimi'. ] 
Ltnic 


19(8 


1 H 13 I 1 , Lnv i 


at(»"lc 


, Price j ■— 
• l>: 1 


SA2./3 Nil 

16-8 

5 

Ml 

26i7 

28 

IM". 

lb/7 

lb 

F.r. 

26/7 

141; 

F.l*. 

2b.7 

36 

.Ml 

■£ib 

108 

F.F. 

14,7 

7a 

Ail 

4/8 

70 

Ml 

10/8 

90 

Ml 

3 ib 

30 

Ml 

28-7 

110 

Ml 

- 


ti B 1 Upm \N7. 

Hn,je*M*rs 

15/b! Ail«" j| Timl Kii^ 

18,8;13;[iiii liipm Lfartrunirtb luv< 

16it>! tMj.inllr^jini Klfc'w iL"fc.H(^i[w 

l/9j t7|iiu lupmlldesillain -tma i Co&cin*.., 

4,ta| ; lAiUeoln 

t/B] 18pn, l4pm.UU.P 

21/91 Upnii BpmjLccvli (Wm.) 

l/9'l4fpni|l<4iia!.\i«h»i (IV. E.j 

8/9' 30, . ni! -4j|ini| 'iitriilTe nj 

— | 2S|.ni[ 24pm TcvsU-mit . 


I 29|<ni; + I 
; 3 1" ,«»i — j, 

; 37 ; 

■ 18is {>iii 

18|ni.+ l E 

I 

134i = 

18, ■ci' i-2 
11 pm | 

24|mi. 

JOiniij 

25p«i. 


Hwu(ia*rjiin date tiniaHy last day tor denting rrw of sumo ditty. 0 Figures 
Bssvd on pmsoectus Minute, o Assumed dividend ann yield, v Forecast diniteiid; 
cover based ud previous war's earnings, p Dividend and yield hoed on prospect us 
or oiht-i untciai eKiimvie* for i*t<v o Gross 1 ►igur-s nvuimiu r Cover illnvr- 
lor con Torsion 01 shares ran now ranKinx (or dividend or ranking only (or regtrtcrefl 
•nvul('i:d&. f Plarinv pnoi id uiidIk i>i H-.-ncv uniws uUiurwuk! indicaiLd. 1 issued 
hv tender. H Ollered 10 hniupr/. nl Orrtiasrv shares ■« d nehis " •• i^'iwi 
by tva» n! c.ipn alls.) linn. t» Minimum lend-r price. ?S Reinrrnriuctd. S' lsw»rt 
111 cnnnection nilh rcorKamsaoon nierjiT or raKe-nver |||l InirnducUun. i“J Issued 
in innnei Pri-lerence hoidera. p Aiinmicm tellers tor [ully-oaidj. • Prhvisiooal 
or punly-paid alloiraeni tellers. * With warrants. 


FT-ACTUARIES SHAKE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 

Figures In parentheses chow number of 
stocks per sectian 


Tues., July 25, 1978 


Index 

N& 


Change 

% 


CAPITAL GOODSU7Z)- 


Bnflding Materials (28)- 
Contracting-Coastniction (27)_ 
Electricals (15)., 


Engineering Contractors (l-0_ 


Mechanical EngineeringCP) ■ — | 

Metals and Metal Fonningflfi) 
CONSUMES GOODS 
(DURABLE) (52) 

LL Electronics, Radio TV (15) 

Household Goods (12) 


Motors and Distributors t25) . 
CONSUMER GOODS 

(N0N-DURA8LEM170 

Breweries (14) 

Wines aodSpirits (6). 


Entertainment, Catering (17). 

Food Manufacturing d) 

Food Retailing (151- 


Newspapers, Publishing (13) . 
Packaging and Paper (15) — 

Stores (38) 

Textiles (25). 


Tobaccos (3) 

T oys an d Games (6) — 
OTHER. GROUPS 197} . 
Chemicals (19). 


Pharmaceutical Products (7).. 

Office Equipment (R) 

Shipping (10X. 


Miscellaneous (55) — 


BBWHtt GROUP (498). 


222.49 

20L55 

353.79 

474.72 

328,81 

17937 

167.02 

203B5 

242.48 

18L83 


127 JG 


21030 


230 J2 


272.67 

258.70 

200.83 

217.46 


416.75 

136.78 

196.42 

17838 

25332 

111.11 


203.85 


29138 

266.80 

13034 

414.52 

214.22 


21838 


+05 

+ 1.6 

+L2 

-02 

+02 

+05 

+0.4 


-0.4 

+L4 

+ 0.1 

+0 A 
+0.7 
+0.4 
+05 
+05 
+0.7. 

+05 

+0.4 

-03 

+0-2 

+ 0.1 

+ 0.6 

+12 

+0.7 

+05 

+0.9 


+05 


Est 
Emiflff 
[Yield V 
(Max) 
Corp. 
T*z5K 


17.09 

1734 

19.73 
1451 
1&25 
3826 
17.11 

17.02 

15.49 

it» 

1956 

15.46 

14.85 

15.70 
1521 
18.81 
13.98 

9.67 

1923 

10.95 
1858 
21.64 
1830 

15.74 

16.96 
1053 
1837 
17.48 

16.71 


16.03 


Gna 

Div. 

[Yield %[ 
(ACT 
at 33%) 


551 

550 
4.18 

3.90 
621 
5.99 
8.42 

526 

421 

524 

637 

5.71 

5.91 
531 
571 

551 

4.75 
3.00 

7.75 
459 
7.75 

738 
5.73 
5.68 
5.99 
3.84 
5.83 

739 
518 


EsL 

P/E 

Ratio 

(Net) 


Mon. 

July. 

24 


lodes 

NO. 


Fri. 

July 

31 


Index 

No. 


Thun, 

July 

20 


Index 

No. 


Wed. 

July 

19 


Index 

Na 


820 

820 

737 
9.74 
730 

738 
7.96 

824 

922 

850 

7.13 

8.77 

958 

9.66 

9.62 

7.03 

9.93 

14.76 

589 

13.42 

599 

5.45 

567 

832 

8.01 

11.48 

544 

7.05 

7.98 


5.61 545 


771 M 

19534 

34954 

475.74 

328.44 
178.76 
16629 

203.91 

24333 

17924 

127.09 

209.44 
228.62 
27L45 
257.41 
19956 
23589 
41672 
13600 
19538 
179.07 
S3.02 

12104 

28255 

29174 

263.69 

12959 

41186 

21220 


21735 


21926 

19572 

34437 

47954 

32527 

17734 

165.68 

282.78 

24185 

17685 

12664 


20652 

224.95 

26538 

254.77 
197.42 
215.08 
41359 
135 DO 
19192 
17836 

247.77 
11144 
200J81 


290.01 

262.26 

12833 


405.83 

20958 


21685 

19437 

34149 

460.89 

32109 

37431 

16458 

198.62 
23685 

175.62 
124.48 


20258 

21955 

258,79 

250.60 

197.74 

200.88 

40275 

134.03 

185.01 


177.40 

24678 

107.69 

19844 

285.96 

259.76 

12756 

40164 

20699 


21149 


21446 

193.00 
339.49 
45760 

317.00 
17187 
16357 

19625 

23242 

373.98 

323.42 

ms 

220.43 
25858 
24734 
19630 
20439 
39726 
13433 
183D9 
17676 
24452 
10641 
197.09 
28537 

257.98 
124.91 
398.65 
20527 


209.96 


Year 

ago 

farora.) 


Index 

Na 


175.49 

34605 

240.44 
354.75 
25100 

156.45 
14456 

165.10 

391.04 

15694. 

105.79 

16164 

16884 

294.80 
202.74 
16871 
169.91 
29535 ‘ 
11554 
34175 
14875 
20032 

9858 

174.78 

244.78 
800 

103.13 

47251 

170.98 


17455 


Oils (5)- 


500 SHAKE INDEX.. 




50225 


FINANCIAL GSOUPfiM). 
Banka 6) 


Discount Houses (10)- 

Hire Purchase (5) — . 

Insurance (Life) (10). 


Tasurance(Caraposte) (7)- 

lasaraace Broken (10; 

Merchant Banks (143. 

Property (31) 

Miscellaneous (7)„ 


lavestinent Trusts (50) . 

Mining Finance (4) — 

Overseas Traders (19). 


ALL-SHAKE INDEX(673) 


24148 


16751 

18842 

20345 

159.47 

140.06 

129.40 

34923 

8031 

24133 


108.74 


225.41 

101.92 

32672 


222.66 


+0.4 


+03 

-02 

+02 

+02 

-02 

+0.7 

+02 

+ 0.1 

-05 

40.9 


+ 0.6 

+0.7 

+02 


+0.4 


2547 


2426 

1238 

13.48 

2.93 

2335 


3.08 

1731 

16.03 


537 


5.68 
6.01 
8.48 
5.17 
650 
659 
450 
610 
3.10 

7.68 


452 

683 

653 


5.43 


825 


624 

1195 

10.63 

6752 

557 


32.45 

7.03 

7.66 


24841 


16726 

18877 

203.45 

159.12 

14032 

12850 

34643 

8022 

242.42 

107.76 


223.96 

36122 

324.08 


22173 


23836 


165.65 

18808 

20880 

157.28 

23855 


127J3 

34555 

8817 

237.75 

10532 


22327 

10132 

31890 


219.86 


23454 


164.90 

189.85 

28849 

15737 

13722 

125.74 

346J5 

7924 

235.47 

104.62. 


226.44 

99.65 

31935 


21687 


232.92 


162.91 

18923 

28333 

15291 

133.94 

12358 


33857 
7938 
23225 
104 JO 


mas 

97.93 

517.43 


21515 


200.82 


133.88 

153.72 

16427 

12699 

10158 

18862 

29801. 

64.75 

17556 

89.91 


17039 

92.12 

26881 


183.42 


9 

FIXED INTI 

CREST I 

3UCE INDICES 

FIXED INTEREST 
YIELDS 

Br. Gout Av. Gross Red. 

Tues, 

July 

25 

Mob. 

July 

24 

Year 

■fO 

(approx.) 



Toes. 

Da/s 

change 

% 

xd adj. 

xd adj. 

1978 
to date 

1 

2 

Low • 5 years...... 

8,69 

10.77 

1L47 

8.79 

10.79 

UJO 




To-ifay 

_3_ 

23 yews 


UnderSyean ... 

5-15 years 

205.55 

124.99 

+0.03 

+0.14 

-- 

4.91 

7.04 

4 

5 
0 

Medium 5 years 

Coupons 15 years 

25 years. 

11.17 

11.98 

12.14 

11J6 

31.99 

12.18 

10.34 

1244 

1309 

3 






7 


mrrm 

11.44 

1L36 

4 

Irredeemables^. 

228.03 

+032 

— 

- 7J24 

8 

9 

Coupons IS years. 

25 yean...- 

12.51 

12.75 

1253 

12.76 

13.61 

1300 

5 

All stocks. . 

213.71 

4030 

— 

<J7 

□ 


2132 

1155 

• 12.71 






Fnoadny, July 26 

Monday 

July 

» 

fridav 

i 

Thura. 

July 

20 

W«L 

Tun, 
July. 
18 ’ 

Moo. 

Friday 

July 

14 

Ynr 

■ K « 

( aH ' T .' V ). 

Index 

No. 

Yield 

% 

15 

20-yr. Red. Deb & Loans ( 15V 

D7.i6 ; 

T 12.98 

57.00 

56.91 j 

56.89 

37.0S 

56.99 1 

| 66 . 94 ] 

66.88 

62.87 

16 

Investment Trust PreEs. (15) 

61.80 

13.64 

50.82 

50.82 j 

50.77 

51.04 

51.55: 

51.61 

91.65 

60.61 

17 

Coml. and Indl. Prefs. (20) 

69.94 

13.24 

69 . 7 B 

69.50 1 

69.60 

59 . 9 S 

70.04 | 

70.04 

70.02 

68.46 


1 Rcrfcmnira rield. Nlgbs. and taws recirti, base dates and nine* and Cvnatilucnt ebansot are puUbtard In Satunfay 

S T T S^i. Ecilp «v!^teu T *5 IfS* frWB 0,0 «* sSSi. 





B2> 












































































INSURANCE, PROPERTY 

BONDS 


+0 

-0 
—8 

+0 
+0 
xas.g-0 
w.g+o 

IMS +0 











frown Bit. tnv.'K 


G.L. Cach Fund-.— 
Gl- Equity Fund— 
G X Gill Fund..— 
CL. tnU. Fund — -- 

m.| 

j27^ :r.: 

Growth A Sea 

Life 

Asa Soe. L 











Propmty...— 
MaangodOmp 
Masai ad Arc 



Prov Cart f 
CiUFnndffl 








Mere 

125. Hi 

hast lave 

ah Street- Cr 

■tars Assua 

oydon- 

]$4X 

»ee 

01-48 

Propo 

Eqojb 

Bquin 

rtyFwU. — - 
Pena. — 

Sit 

58.5 

1*7.4 

14X7 



MfetPOK-. 

1S3.1 


Deport t__ 

DeporttPana. 

Mmqrta - - 

H«natf«d Pens. 

340.7 

105.6 
1575 

107.7 

— 

gj 


105-2 

Ltd. 


m 


j^Sunuy.^^ 

-0J 

Netex 

GtblncCnp. 500 52.6 



|SS .__H| 


roc New' On ui Propmty.aeo undo 







-m, 











BUILDING SOCIETY INTEREST RATES 


GREENWICH 


(SI 458 CZ12J 

2*1 i.i . ■ ii u irb II lull Road. 

llDTOliirh, SCW 9NL. 

•|i. rh»ir It air 6.4X Sharr Accounts 
fi.vi ... Sait'ott. Shar.s, Term 

Mi .iris 2 yr^ ;• abut*- than- raw-- - m- 
3' aluiu share ra:c. Inivrwai wi«t 
ijiiarti-rir an shares. OTtii snares, 
■luridly liu-umL- share* <> •*» - 


LONDON GQLDHAWK 

<0X995 8121) 

15 IT rJmvtok HiKb Road, 

Luiulun W4 2NCL 


Deposit Raw 6.43. Sharp Accounts 6.S6 
Sub'tHi. Shares h.20. 


LOCAL AUTHORITY BONDS 

Every Saturday the Financial Times publishes a 
table giving details of Local Authority Bonds on 
offer to the public. 

For further details please ring 
01-248 8000 Extn. 266 


AUTHORISED UNIT TRUSTS 


Abbey Unit TsL, Mgrs. Ltd , (a) 

T&ao. Ca u-hmir* Kd . Aylesbury. 0306 SMI 

Abbe; Capital OTA 35.71 +03 4,25 

Abbey income U; 42 9j+a3j 6.06 

Abbey Im T*L Kd. B* 0 4D ft +0 4 420 

Abbey tien.Trt (45.9 4«J>q -,oi| 4X9 

Allied Hambro Gronp? IB) If) 

Hambro Hte . Hutton. Brentwood. 

01-588 2851 or Brentwood iOSTIi 211438 
BrtaMWd Fuad* - - 

Allied 1st [47A 733 40.41 9 2A 

Bril Indx Fund — U| 69 U + 0d S.41 

Grth.A lac. J82 40941 + 0.H 513 

Elect. 4c Ind. Dev. 54.4 34 W -+o3 481 

Allied Capital 736 787Wo3 432 

Hasbro Fund 186.4 134.4 *oS 4 98 

Hanbro Aec. Fd 1Z24 13T-0j +0i] 04 

lacme Funds ' 

Rich meld Fcl 171.9 76* 48 6f 7.96 

High income £70 717} +Qft 6.44 

AJR. Eq. Inc . P9 0 U7<| +oJl 6.95 

lafenaUaul Ftadt 

International 126.7 21 61-023 237 

Panne Fund M5.9 49.2 -0 V, 2.03 

StctWAiwriw- Si S7.H -fl if 1.99 

t'SA Exempts 195.4 30a4|-8.4l 1.48 

Specialist Funds 

Smaller Co.'s Fd — 137.1 • 3S7rft03) 466 

2nd Smlr. CO'S Fd . 4SA 49 W ,03 485 

RecoteiyStU 87.4 44 « +0.7 574 

HeLMraAftfry... OR -M.H .. . 512 

flwnMi Earnings. 58 4 63 0*1 +05 *448 

ExpL Smlr. Co's —91229.2 243R t-li] 897 

Anderson Unit Trust Managers Lid. 
156 Frtichurcb SLEC3M6AA BS3VZ31 

Aadono nUT. (58 0 53 9J J 428 

Ansbariter Unit Mgmt. Co. Lid. 

1 Noble SC.EC2V7JA. 01-CE3K17fl 

loc. Monthly Fund .1166.0 276.0) | 9.89 

Arbnlhnot Securities Ltd. (and . 

37. Queen St. London JSC4R IBV Ol-ZWSC&l 
Extra Income Pd —11049 11291.. .. 122S 

Uleh Inc. Fund M1J 447 +D.2 921 

WAceum. Units) 55.4 HJ to* 421 

r»iS Wtfrwl L’ts-JH 9 603 +0 4 9.23 

Preference Fund. -123 4 ■ 2SJO . .. 13.*) 

(Accum. Units) 572 ' 40 fes +0 1 22.68 


~0 b| 003 
•06 3.17 

+0.3 303 
401 893 

-84 0 69 
*02 8 22 
•02 6 17 

‘803 304 

*48 584 


. . I 860 
+lj| «.I0 
-—l 030 


28 61 -02 
493 -0 3 
S7.M -0 J 
100.4 —0.4 

39 7W+0J 
49 S +03 
94 fl) +0.7 

-M.fl .. . 

63 M *0 5 
241 a +1_B 


l»l% W*-irLL'ts. 55 9 
Preference Fund. -pS 4 

lAcrum. Unite! 37 2 ‘ 

Capita] FUnd 14.9 

Commodity Fund . S9.4 

■ Arcnin. UnKsi 85 4 

1 10*t Wdnn.u.l 514 

Fin-ftPrepjy. 177 

Glanl» Fund OT2 

iAccuul t'aiUi *62 

GtperthFund 35 b 

lAccum. Units) *22 

Smaller Co's Kd 282 

Eastern & intL Fd. - ».S 
194. Wdrwt.Uii.l_ 232 

Foreleu Pd M2 

N. Amer. A lux. Fd.&lA 


44 71 +D.2 921 

602 +0 4 921 

603 4.0 4 9.23 

»73 . .. 13 .to 

40 CM) +01 2268 

218 — 

64.4 5J0 

924 530 

563 .. 530 

191 +8 3 297 

«2e +01 277 

496* +81 277 

383d +0 2 261 

46.13 +0 1 2 61 
384+0 2 418 

2S * 124 

22H 114 

90 9) 180 

34 Oj -04 100 


Gortmore Ifniid Managers f laKg) 

Z -V. Mary Ar* HBP. 02-383 35M 

uiAmencapT*-- »0 312 -o y 0 03 

British TS . I APT I' 566 681 *0 6 3.17 

Commodity Share. . U63 178J +0.3 303 
Eslxu laeomeTU- 25.8 *qi 893 

ui Far East. Trust- . 37 3 401 -84 069 

Huh loremeTM- 593 638 +02 8 22 

Income Find 75 1 80 J +02 6 17 

lE:AMiKiM 1398 1507* -no: 304 

lull Exempt Fd — 866 94 4 *8 8 584 

i;»lnll.T*t.IACC I -38 1 3671-061 114 

Gibbs (Antonj'l Unit Tst. Mgs. Ltd. 
3. Frederick's PUre. uid Jrarry. EU2R BHD. 
01-568 4U1. 

la i A G. InrtHBO*... .[41.9 44.9 ... I 860 

<a. AG.CrowUiTt. B96 426*1 +13/ 4.10 

■aiA. G. FarEart*- PB3 • _7jS JZ\ OJO 

Dealing -Tue*. TtWei 

C+ovett (JAnW 

77.UmdonWalLE.C2 01-5886030 

S'hldr. July 14 1X401 147 71.. I 1 17 

Do. Arcum. Unit RA84 177^ I L87 

Next dealms day July 14. 

Griewsda VaaagBami Co. Lid. 

9S Gresham SL.ECSI'ZDS 01 8084433 

B+mnfiton July 19 [204 fa 2Utd.. . 4 95 

iA«u«£u*ltm.-j224 6 a*., 4 93 

Btne.ll.Vd. July 201175. 7 U4 0 . . . 786 

lArnuu. tlnltBi ...TIZ820 2116 . . 786 

Eiu}eav.Jmy » — »?*. 217J +IJ 1.98 

i.tceum. t'nitsi (J15.2 124 9+1.5 198 

t.rnchslr.JulySl -. |9S 7 1002a 2.93 

lArcum-UuiU>- . (99 4 104.1 Z93 

Ui ABrsIs. Job- 18 .169 9 73 0a «20 

i.Accubl UnltU- .... T73 4 7t.7| 428 

Guardian Komi Ex. Unit Mgn. Ltd. 
Buy a] Eachaoie. W3P SDN. 01 C2SM11 

(■KlGuardhJUT*--|92 9 962) +0A| 421 

Rendersen AdmlnstratlenW OHcKg) 
Premier IT Admin.. 5 Rayleigh Road. Hutton. 
Brentwood. Essex. (C77-217338 

!• f Fttadm 

Cap. Growth be. — [45 6 47.91 +031 335 

Cap Growth Acc ... 6 48 j +d3 335 

Income A Assets— PS-7 353| +Q2j 597 

aidi income Tub 

IliS Income — - (628 64.3+09 7.74 

Cabot Extra Inc. — - |s6.7 39 7^ +D.«) 8.81 

See Car Fonda 

Financial (cTTV— 125 6 2721+03* 421 

nil A Nal. Res (Sj 3Bl}....7| 187 


Prrpetnnl Unit Trust Ungut-V <*) 

431/art SI. Henley or i Thames IMBI288d3 

P pctuair.p 'ith. (404 434J 339 

Piccadilly Unit T. Men. Ltd.* UHb) 
WnrdR'U- iu*-. 60a London Wall EC2 6380801 
Fxlra larome. ...pit 31 0) +62 970 

Small tV * Fd . .. . 398 . SjfUlJ* ' 426 

Cspi tsl Fund. G-l 46a +05 373 

lot-Ems * Asmtt 460 63d - JA0 

Pn rme Fund. ... 34* 3761-0-2 4 It 

Accumbr. Fund ._ 68 4 64 B< +0 4 3^ 

TecBeolocy Fund... 56 5 60S) +0J 3^ 

FsrSnsfFd . 27A . 

AmencOnFund K* I 25 94-0+J 230 


OFFSHORE AMD 
OVERSEAS FUNDS 


« H 73:2.g 


Archway Unit Tst. Mgs. Ltd.V (aMc) 

317. Hieb Holbora,WC1V7NL. 01-3318223. 

Archway Fund K.9 -8821 . .. | 6 0S 

Prices at July 20. Next sob. day July 77. 

Barclays Unicorn Ltd. faKgWc) 

llnlrom Ho. 252 Romford Rd. E7. 01 534 5M9 

linlcorn America.. BJ 6 3641 -O 41 124 

Dn Am*. Acc [76.0 82_a -la 179 

Do. Ami. loc 59 * 644*1-13 179 

Do. Capital. (68.0 TI3| +0 J +33 

Do Exempt T* (U14 11*13 +0 d 62* 

Do.Extralnrcmc [2S3 . 30.61+0 2) 842 

Do. Financial (62.1 67.1(+0 6( 5.D1 

Do. 50Q nr aiij +oi| 3*4 

Do. General {323 34.9) +02j 6 CH 

Do. Growth Aw. Ml 8 45 Z +H3I 4.12 

Do. Income Tsl P*4 91. lid +0 a 641 

•Do.Prf A'ns.TM.-p3.7 148*1 ....7] 523 

Prices at June 30 Next sub. cUy July 11 

iS: (Si 7 J251i3to.il 5.01 


+03 3*4 

+od 6 M 


Cabot.——: M*7 923] — 0.91 2.72 

IntwuaUoasl-: — ®7 -38^-0^ 164 

WrldWide July 34- [75.0 1 

AiWnlUa!!— 06 0 383} —031 257 

European 418 4451+0 4 4 73 

FurBaSt 7*3 '8164-0! 4 04 

Norlb Amor J9.7 <25id -ft J 145 

N Am.GrxJ.Uy2I. . 123 7 iSfl 2 c 

CabotAiwr.Sm.Co (535 563] -0.4) 128 

HiU Samuel Unit ThC Mffrs.t (a) 

45 Beech SL.EC2P2LX 01-6268011 

fb ■ British Trust — 1556 166 J9 +1.0 538 

■Cl Inf) Trust Pi ,39.9a -0.1 2 99 

(eiDoUarTnrst — 77* *13 -0 5 2.74 

I bi Capital Trust — »2 323n +0J 470 

ibiFluahclal Trust. 94 4 101 0 + 0 6 4.70 

Ibl Income Trust.— 271 29. t +02 736 

lb) Security Trust S3 4 . 572 +03 522 

lb I HI Eh 3TeidTaL..P9J 3LU +04[ 8.05 

InKL? fa Kg) 

15, ChrlsIOpberSrrcet B.C2. fit 247 7243 

lnieL Inc. Fund - - 190 4 972xf +0.6J 4*0 

Key Fund Managers Ltd. (aKg) 

25. Ullh Sk. ECV 81 F 014087070. 

Key Energy Lo.Fd. 

SayBmstW* 1 


Do.WldwideTsL_. 

BlsUn-FiUac 

Do. Ac cum. 


53 7x -0.1 
67.4 +0.4, 
772 +03 




Baring Brothers Se Co. Ltd.V (>Kx) 

Ba.LeadenfeaUST.EC2. 01588 2*30 

Stratton Tst. [1722 • 179 61 [ 433 

DdAewnn. 013.6 222 1) 4 433 

Next sun. day August 2. 

Blsbopsgale Progressive Mgmt. Co.f 
*.Bisbopsgaie. EJC2. 01- 5*8 6380 

B’ Kale Pr** July 18- IU3 6 195 61 I 353 

Act HU- —July 4 121*7 233. tH — J 3*3 

B'SBlelnLJuly 23— 076.9 1882*1+3.0] 266 

(Accum.) July ...... U962 208 *j +4.5J 266 

Next md. day 'Aug oat 2 ■'.August 2 

Bridge Fnnd ManagersV(a)4c) 

Klnr Wflllam Sk. KC4R SAR 01-8234881 

.American ft GmU- 253 26.71 .... J 1.42 

Income- - 51.7 562 +0 0 657 

Capital Iuc.t 36 • 39 2 . — 3.13 

Do Acct 48 7 43J 313 

Exeiuptt 134 0 143 Ota 558 

IniemUlnc-t 16.9 150 337 

Do.Acc.f-— 1*5 194- 337 

Dealing Toes, twed tThurv Pnees July 
11/12/13. 

Britannia Trust Management (al (g) 

3 London Wall Bull dines. London Wall. 

Loudon K3M9QL 0/A38017RO479 

Assets... 172.7 7*21+0.51 510 

Capital Acc 543 58.4 +03 3.B3 

CoorBift Ind 565 6L1« +02 4.61 

Commodity 81.7 87.9 +0 4 4.77 

Domestic 393 42.1 +03 433 

Exempt — 136-9 1231 +03 756 

Extra Income W* 42.9 . 934 

Far East ___22 6 243 2.97 

Financial Seen 65 4 70 4* +0 4 453 

sEfczrbziE? 
T&«S!=Br 7 4 

IncesLTsLSharec - 48 4 S22* +03 3 40 

Minerals 4Z3 452 ..... 2*8 

NaL High Inc 83 6 »9.4 +03 8.08 

New Issue *3 39.1 +0 6 4.49 

North Amrricao. — 29.4 377 -02 356 

ProtesionuJ 519.7 5358* +4i 4 *1 

Property Shares — 13 9 150 +01 2.74 

Shield 473 • 50.9 +0 2 420 

Status Change— +• »2 33 7 +02 4 *5 

Uulv Energy 032 353d[ ....^ 2.48 

The British Life Office LfaLf (a> 
Reliance Hse-TonbridlU Wells. EL 0882 3271 

BL British Lile J5L8 54JI +D.41 561 

BL Balanced* Ml +\M 5.44 

BLDIcideud*~--- 1*3.0 *6*1 +05] 958 

•Prices July 26. Nest dealing August 2. 

Brown Shipley A Co. IALf 

MORW. Founders CX-EC2 01-4008600 

easttft=H m =ns 

Oceanic Trusts w» Op _ „ , „ , _ 

Financial-. (fe.0 3*2) +03 438 

General 193 2q3 +03 539 

Growth Accum. 965 49*1 +0 4 5 05 

Growth Income 37.1 - 39.4j +0 4 5.05 

High Income 89.6 E2j +S.1 9.47 

ITU 21.9- S3.... 34C 

| Index 251 2733+0.1 424 

1 Overseas M3 ».«9 -6.f 3-04 

Periortnance — 5B.9 63 6j+03 436 

Recovery — 225 23 S +03 *56 

ExmpLJulyl 156.9 593] „ — 538 

Canada Life Unit Tst. Mngrs. Ltd.? 

IS High St. potters Bar. Hens. P. Bar 51121 

Can. Cen Dirt. |MJ 485M +S-JI 

Do. Gen. Accum — 47.8 50*1 +02| 42« 

Do. loc. Din Mi 35.9^+03 7J* 

Do. Inc. Accum [44.4 -46 7| —l 750 

Capel (Janies) Mngt. Ltd.? 

100 OU Bread SL.EC2N1BQ 01-56800)0 

■£ 3 SS=W ?:S- 

Prices on July 19. Next dealing August S. 
CarlM Unit Fd. Mgrs. lid.? (aKd 
IGUnuir Bouse. NcwcasUa-apob-Tyue 21186 

Cartlol M3 71M 1 450 

Do. Accum. Units _|E3.B 85J| —4 450 

Do. High Yield 1413 44.01 } 8^ 

Do. Accum. Units _(5L* 5431 | 827 

Next dealing dare dale July 36. 
Charities Official Invest. Fd? 
T7LoadonWall.BCa.HlDB. 01-5081815 

Income July 18 03437 — I — J 636 

Accum. July 1* (St.bl — | - 

ftUBXuth. Only avuijable to Reg. Charities. 

Charterhouse Japhet? 

i. Paternoster Row. EC4. 01-2488000 

CJ. Internal 1 Mi 25.*| 2*1 

Aecnm. Units—— Z75 383 2BZ 

•CJ.lneome—— *3.4 361 757 

CJ.Enro FTo Si 28* . — 04 

Accum. Units. 38* 333 434 

CJ.Fd.lnv.TU 286 ■ 3U U6 

Accum. LiUtis—-. lss.O »7| 336 

P rices July 10. Next dealing July 2& 

Chieftain Trust Managers UtL?(aXg) 

IlNrwSLBC2U4TP. 0I-2S32SS2 

American-- kzCJO 24.71 -031 334 

Hleb Income WUl . 44JB +031 9 JS 

InlernationxJ Td-.k*1245 2*53-03 33* 

Basic Resro. T«t|&2 293? -0-3] 42* 

Confederation Foods Mgt Lid.? (a) 
50 Chancery Lane. WC2A1HE Q1-242IB82 
Growth Fund 1433 . 45Jg +1JJ 434 

Cosmopolitan Fund Managers.' 

3a Pont Street. London 3W IX 9EJ. 01-3358535. 
Conmpoln.GULFd. 0*3 39Jj +05) 4.78 

Crescent Unit Tfet. Mgrs. Ltd. (»Kg) 

4 Melville Crex. Edinburgh 3. 031^354831 

Crescent Growth __B73 - 28*) I 437 

Crej. Interned! (582 620-061 675 

dec. High. D»L-^M3^ 46» +0.« A SI 

Cres. Heaerves M2 44^ +03 424 

Ores. Tokyo 09 25.761 -03 2.0* 

Oiscretwaary Unit Fnnd Managers' 
22. BJomfietdSl_EC2M7AL. 01-0384483 

Dl* Income 0*72 1783) ) 530 

E. F. Winchester Fnnd Mngt Ltd. 

om Jewry, EC; 01^00 ji«7 

Great Winchester- 07 3 l&6ri I 521 

GLWhscb’sr 0-seas|l9.2 269) | 426 

Bmsoo dc Dudley Tst. Mhgmni. Ltd. 
2D.Ai11ngtneSL.SWI. 034987561 

Bmson Dudley Tst_|66J 7 15] | MO 

Eqnitas Secs. Lid. (a) <gl 

4! Blsfeepsgsla. EC3 01-3882831 

Progress** 1683 7UJ +0J| 397 

Equity dt Law Un. Tr. M.? (aKbHcMz) 
Amerafeam Rd., Hi|ib Wycombe. 048433377 

Equity ft La- [683 71*) +02) 4.04 

Fnmilngton Unit Mgt Ltd. (a) 

5-7. IreUnd Yard, BC4B5DH. 0104* S771 

America a.—. — ^.002 532] — I LM 

CspitelTsL. 0218 130 3 372 

Income TsL - — — [295.4 U2.B I 6.90 

lot. Growth Fd. 0222 22921 1 Z32 

Do. Accum. |2l56 mg | ? 7 ? 

Friends'. Provdt. Unit Tr. Mgrs.? 

PixhamEml. Doritlnjt <0005055 

Friends Prov. UIs.- 144.8 47 Oj +0.Jj in 

Do. Accum.- J&8 Ut.7} +oJj 4.09 

G.T. Unit Managers Ltd.? 

16. Finsbury arms EC2M7D& 014388131 


Kev lnctMne FmkI 

Key Fixed InL Fd. .160 * *4« 11205 

Key Small Co'* Fd (995 1*5.9+031 594 

Klelnwart Benson Unit Managers? 

20. Feecfiureb Sl.EC.3. 01^230000 

K.B. Unit Pd. Inc. . (8* 6 93.91 | 5.49 

4ILB.UnitPaJ4e— 1081 117^ _ 549 

K_B.Fdtav.TMx. 553 59 H ■ 4 '“ 

KBJBmtr Co'sFd Rl.S 5051+0.5] — 

L & C Unit' Trust Management Ltd.? 
The Slock Echantc. EC2N 1HP. 01-5*8 2800 

LftClne-Fd.. 1137.7 1420). I *31 

UClDUftG^TFd.hai X03-9( ( 1.79 

Lawson Secs. Ltd. ?<aXc> 

37. Queeot St. London EC4R1BY. OlJQOSBt 

«Raw. Materials. (39 0 42U 6.48 

*i Accum- Uoitsi _ 07 473 648 

-Growth Fund 57.1 6L6 2« 

•lAccum. Unitsi.- 62 9 629 275 

TtGUl and Warrant ».* . 41.74 +L0 105 

tAmericAn Fete— 24 0 .263 0.49 

pAeena ValW — — 24 9 273 ...._ 0.49 

"Ugh Yield *4 6 47 9 „.. . 11.70 

— lAccum. Unluj (*25 *7 .... 1178 

Deal. Wm. *Tuea. trWed. tThqr*. **Fn. 

Legal A General Tyndall Fund? 

lS.C*U5UgeR°*d. BnstoL 077233241 

sasfi'fez-Ki «|=d“ 

Neat mb day Alt 16. 

Leonine Administration Ltd. 

2 Duke St_. London Will BJP. 01-4865001 

UoDut [753 79^ +M *99 

Leo Accum |KZ5 8*^ +03| 456 

Lloyds Bit. Unit Tst. Mngrs. Ltd.? <*) 
Registrar's DepL. nnrlag-b;-Se«. 

Worth) DC. WratTussex. 014C312B8 

FiritrBalucdj— - 1515 5531 +DJJ 4« 

DofArevm-i 70 9 .7SJ +0.4 445 

Second (Cap ) 9 57.9 -D 2 274 

Do 1 Ac crun 1... — 678 721 -02 274 

Third ilnromel 14 6 90 9 +84 5 98 

Dn. I Arclua.) . — 115.7 . 124 4 +0S 598 
Fourth <R sIi*o-k—t Ml M* +03 -749 

po.'Arruatl — --,185 73 +03) 7.99 

Lloyd's Life Unit Tst. Mngrs. Ltd. 

7280. GatehoueRd. Aylesbury. 02965041 

Equity Accum. — ~p5*2 164.4] ) 435 

MAG Gmp? (yXcilx) 

Three Quays. Tower JAB. BC3R *Bg> 01826 1588 
See also Stock Exchange .Deal infix 

American — 49.9" SUa -05 1J1 

(.Accum Units 1 — ELI 544 -05 X*1 

Australasian B3 58.4 -03 135 

lAccum. lliutsi S6 l2 59.1 —0.1 XB5 

Commodity — 193 *45. +03 4JU 

■ Areum-Uniui 167 .933 +0.9 

Compound Growth. 1393 113.7 +15 _ __ 

Converiion Growth 662 705 ...... 2.92 

Conversion loc. — 163 70.4 +0.7 

Dividend 1203 128.6 +12 

fAecuni. Units'--;- g*9 243-1 +2.* 73S 

Furopcoo + *8.7 W5« +CJ 295 

lAccum Units) — - 51.9' 553 +0.4 295 

Extn Yield. : 6.4 W +01 130 

lAccum Uoitsi— 1143 1213 +1.0 830 

Far Eastern 5*2 626 +0 3 25* 

(Accum. Uhitil— — 54.4 M 5 +03 234 

Fund of Inv.TsU— 54.4 6ft* +03 4.47 

lAccum. Units)..— 781 83,9 + 0.4 4 47 

General m3 188 lfe -2.5 

lAcrum. Uoitsi 2697 2926 +31 

High income 1022 1063d +0.8 

fAreura Umlsi 1713 )DI +12 836 

Japan Income — — 1631 173.7 -1.C 1*1 

lAccum Units) , 1645 175J -20 1M 

Magnum Q5.4 23ft5o +28 352 

[Accum. Unllsl— 17X9 290.1 +3 5 3 62 

Midland. B7J.7 IS5 ( +13 6.98 

■ Accum Units) B87.7 30*4 +2_2 * 9* 

Rectn-ery.. — .Sft9 862s +1.0 43* 

lAccum Units) 1*35 . Iti +1.6 438 

Second Gen. .—0764 191. 4n +1.7 

(Accum. Units) P*7.9 290.7 +26 +.,> 

Special 067.9 17U +X4 *17 

(Accum. Units) [012 2249) +23] 437 

Special iW Ponds . 

Trustor 049* 158.0) +XS *35 

^ Accum. Unitst — 20903 306W +JS 635 


Practical Juveri. Co. Ltd.? (ygci 

44. HI 00 mi bury Kq. KC1A2R.I 01-fiS *803 

practical July IB._|1573 . 16J.U | «2J 

At cum. l : nJta (2227 2363 —1 

Provincial Life lav. C*. Ltd.? 

3SS. BiahopaBalo. E. C a. 01 2(7 GS23 

Prolific I'nils (85 6 . 417I-0* 3 07 

Higb Inrom* |U53 mil +0^. 7.15 

PrndL Porifalio Mngrs. Ltd.? loHbMc) 

Holborn Bars. EP1NSNI1 lll-Ma«S2 

Prudential 1121.0 1?7.0| +0 5J *39 

Qu iller Management Co. Ltd.? 

The Si k Esrharjgr, ET2N JHf*. U1O0U4177 

S uirantGen. Fd..|104 7 1091] ] 526 

adrantlDcume. 1*345 32*.4m| . — 4 *22 

Reliance Unit Mgrs. Ltd.? 

Reliance 1la+., Tunbridge Weil*. Rl 089222271 

ygsgfr&dl&i 9iM IS 

SckforrieT. Im |5o 460) +tij| 538 

Ridgefield Management Ltd. 

38-40. Kennedy SL. Manchester uei 2308*2! 
Ridgefield Irrt. IT {980 1MM .. .] IB 
Ridgcflctd income ftX* ... .[ 18.71 

Rothschild Asset Management <gt 
72-80. Gatrhnflte Rd . Aylesbury. 0206S041 

N. O. Equity Fund. .1171 5 18X4] .. I III 

N 1.’. Engy.RexTsi 1106 117.6 -Obj 257 

N.I.'.liwow Fund- 150 7 16B5 .0 3 7 J7 

S.C. IniL Fd. (Inc 1 105 963d -OB 157 

N.C. lull Fd. (Ace 1 915 97 4 -0W 157 

N.C Soillr Coj* Kdjl573 167 4] -12) 4 88 

Rothschild & . Lowndes Mgmt. (al 

SI. Switbuts Lane. Ufn . El'4. 01JD64356 

New C-C. Exempt- .ttaa.0 XM.ef .. I 335 
Price* on July 17. Kent dealing Aug. 16 

Rowan Unit Trust Mngt. 13d.?(a) 

City Gate Hse. Fmmh urjr Sq-Et— . 01-0061060 

Antenran July 20 ..1675 765] .. 097 

SeeurtUesJaly 25. 3710 2MJ +20 413 

High YW July 21 -543 57 1 7.» 

(Accum. Unllsl HA 865 7.88 

Merlin July 16 78 7 SZ.7U 414 

lAMmaUahw |w l 1023| - ... 4.14 

Royal Tsl Can. Fd. Mgrs. Ltd. 

54. Jermyn Street SWL ot^2BC5z 

Capita I Kd 1685 723) . . .1 368 

income Fd. _ . ... E5* 73 M l 7.6* 

. Prices al July iL Nest dealioc July 31. 

Save & Prosper Group 

4. Great ft Helens London ETT2P SEP * 
6B-73 Queen Su. Edinburgh EH2 4NX 
Dealings in. 01-554 88» or 031 228 7351 

Save & Prosper Securities Ltd.? 
IntmuHenai Funds . 

s*r==-ft 3” 

Ifniv Growth ..|S.7 733|-o5j L96 

Ismwlsf Incom e Fnnd 

High-Yield I5*-7 58 Sf +0 J| 737 

High Income Fnnd* 

High Rerun. (655 78M +JW 

Income- — __|0.9 471] +03] 839 

t'.K. Funds 

UR Equity H»5 2 48 J] +05] 4.94 

D+crM-a.F.ndsnt 

g = — -m ilia « 

2sS=R| fjljl 

Financial secs. [733 78.6] -0J[ 2.99 

HiSb-KIadaram Funds 

Select luternat. UM5 2738) -20) *B 
Select Income p4.4 57.4) +05[ 730 

Seotblts Securities Ltd.? 

Scot bits D83 4X7ri-0.1| 387 

ScoCrteld 61 * 5sS +0j| 737 

Scouhares 62Q +03J 4 61 

SroL Ex.Glh*4 R482 259.9) IN 

Scot.Ex.Yld.** . .0655 1734| ._. I 736 

Prices al July 12 Next sub. day July 28 

SrUesfager Trust Mngrs. Ltd. |a) It) 
140. South Street. Dorking. HnM'86441 

Am Esemot ..12X8 23 81-0.11 2.99 


58?+0J| 737 

ni4>d+06[ 852 
47 1] +0^ 839 

4<5|+03| 4.94 


853] -311 
7*3 -04 


2738] -20] 222 
57.4] +05| 730 

d.? 

4X7W-0.1) 387 
55(3+0.3 737 
62Q+03) 4 61 


525a -0. 
28 U +0. 


140. South Street. Dorking. iDS08' 86441 

Am Exempt CX* 23 B] -0.11 2.99 

ADLCrowtVl 27.4 293 -62 230 

Exempt High Yld _ 262 27 6 + 0 2 8 44 

Exempt Mid. Ldrs- 26 4 278 +01 <8 

Extra tnr.TM. 28* 31 On -03 978 

Income DIB - — 386 4X5 +0.1 9.96 

Inc 10*.Wdrwl 293 3X5 +0.1 - 

Intnt. Growth *ft> 525c -0.2 337 

Inv.TsL Units 26.8 »» +0.1 417 

Market Leaders — 291- 321 +0.3 A62 

■Nil Yield- Z8X 302 „... - 

Pref ft Gilt Trust... 22 8 240n .... 12.68 

Property Shares- 26.9 2ft9 +03 215 

Special SiLTM 28 6 3** +0.6 2.44 

l Ut. Grib. Accum ZiS 242 +02 «K 

U.K. GrtklhaL lift* 213] +02] 4.92 

i. Henry Schroder W*gg fc Co. Ltd.? 

01-240304 
110 4) +23] 244 
m3 +241 244 


32 y +0.3 


+0.1I 4.17 
+0.3 4.62 


.... 1268 
+03 215 


l20.Cfaeapside.EC2 
Capital July 25 

(Arcum f 

Income July 25 
(Accum. Units! 
General July 10 
(Accum. Uiulsi. 
Europe July 13. 
(Accum. Uni (si. 
•PwftCharFdJylB 


4.4 68 6 +03) 234 

4.4 6ft* +03) 4.47 

88 83.9 +0.4) 4 47 

714 188 Id -2.M 

697 1926 +3 3 

022 1068a +0.B 

7X8 1831 +13 

631 173.7 -X0 

645 175J -20 

15.4 2305a +2« 

7X9 290.1 +3S 

73.7 185 ( +X| 

87.7 30*4 *7-Z 

8.9 86 2d +13 

15 IM +X9 
76l 4 191.4a +1.71 

67.9 290.7 +2.6 

67.9 1713 +X| 

1X2 224 9 +2 3 


Friends Prov. UIS..U4.8 
tM. Accum- £ft8 


G-T.Cap.lnc 89 7 

Do Are. 107.7 

fiT.loc F6. Uji_L_ USJ 

G .T, U5> ft Gen 14X9 - 

G.T. Japan ft Gen _ 3385 

C.T. Foo r YdaFd ^42 - 

C.4A. Trust fa) <# 

5. Rajidgi Rd. Bxcnt+rood 

G.ftA. ,,..,..]5M 




014888131 
+35] 320 
+42J 320 
+J3 7.60 
-42 260 

-3.4 0.98 

400 

+ X4 150 
720 


' (CC7T52S7BOO 

3LM+0JI 456 


Chan bond July 18,. I UA.4 .. ... 10 .B 

Charild. July 18 05X1 133.W +25) 7.69 

lAccum. UmUi—^BO 198.81 +3.0] 7.69 

Pens. Ex. July 24 — ]MD2 147.9) 4 5A4 

ManuLife Management Ltd. 

SL George's Way, Stevenage. 043858101 

Growth Units (524 552) .[ 445 

Mayflower Management Co. Ltd. 

14718 Gresham SLBCZV7AU. 01-8068089 

Income July J8 ftOS.9 Ilia 1 836 

Genera! jufyJB — ptJ 7*# 4 *49 

M e rc ur y Fund Managers Ltd. 

30. Gresham SL.BC2PZEB. 01-600 4b» 

Merc. Geo. Juri 38.1196 9 209M+4.8I 426 
Arc. Nts Jalvi*. — (235.9 2722 +62 '426 

Merc. lot. July 2S-..K62 70.4a +0 7 323 

Are. Ui>. Jnfy 26 — fe4 75.1 +0* 323 

MercJEUtJanaaO.-Ksi 323.0 43* 

Accm-Dia JuueaU.js5L5 26ftl| — 456 

Midland Grttun 

Unit Trust Managers LKL? fa> 
Courtwood House, silver Sueec Read. 
SboQietd.61 3RD. Tel: 074270842 

Commodity ft Geu. .1722 77 U -021 521 

DO. Accum. Rl *94^ -*1 521 

Growth *7.0 39.*) —02 ' 30* 

Do Ax-cnov W.7 423 -OJ? 3.06 

Capital 285 30 bx -04 327 

Do. Accum. 5X3 BJ . — 327 

Income D5 57 i +02 638 

Do Arcum. 1X8 *57 +0J 638 

Inlernatlouai 472 5X0 -0* 231 

DO. Accum 582’ 543 -03 231 

High Yield. 62 9 *70+03 1.15 

Do. Accum. 66.8 711 +03 845 

Equity Bcempt* — 100.9 lOiJ .... 5.96 

Do. Accum."..—. 100.9 . 10*3| . . 5.96 

•Prices al June 30. Nest dealing July 3L 
Minster Fund Managen Ltd. 

Minster Hae., Arthur St, BC6RSBH. 

01-823 1050. 

Minsler July 84 B62 S*M j 536 

Exempt June 30. —fWA 93 4) 6 03 

MLA Unit Trust MgeanL Ltd. 

Old Queen Street, SWIBBJC. 010307333. 

MLA Units [C2 45.4] +1.9I 3.96 

Mntnal Unit Trust Managers? (*Xg) 
ISbCaplImll Ave_EC2R7BU. 01-8084803 
Mutual Sec Flux_te6.* 5431 +05] 645 

Mutual Inc. Tit .1*9.5 74.ll +0.7 729 

Mutual Blue ChiB-UU 47 B +D.5J 661 

Mo(ub) HiEbYld_.(395 U7|+0^ >54 

Nation ft! and Commercial 

31. S(- Andrew Square. Edinburgh 0SI-556W51 

Income July 12 .{USA 13X01 1 624 

(Accum. Units) .599 4 2D*i| ..... 624 

Capt- Julv 12 027.8 131.U 324 

lAccum Unllsl 555,4 Uxq I 3 -64 

National Ptovideut lav. Mngrs. Ltd.? 
4& Crscechurell Sx. BC3P3HH 01-8234200 
N.PX nth Un.Ttt 7 ^[465 4951 +1 5| 430 

(Accum. Units!" — (56 7 6d4|+15| 428 

NPICrreas. Trust ^.U5.9 134.3 260 

(Accum. Units!*" __1133 1422) .. - J 268 

. ••Priree on June 2s Next dealing Jub £7. 
"Prices on inly 38. Next dealing August 9. 
National Westminster?]*! 

161. Cbeapside. ECTV OKU. 01506 6060. 
Capital 1 Accum. 1 — .167 J. 72J] +0.1) 443 

Extra loc. 66.9 7X4 +0.4 752 

Financial — . 552 37 *e .... 528 

Growth Inv 878 944N -02 5.07 

Income — — 173. 402+02 6 35 

Portfolio Inv. Fd..., *99 . 7 * i +02 327 

Universal FdJd) 64A] -07] 224 

N£L Trust Managers Ltd.? i*Xgl 
Milton UourLDortiuE. Surrey. 5911 

NelsUir 11626 65 B| +0 II 4 29 

Neiaur HlgfiSr. -.[51.1 S3 7| +021 129 
FBr Managers Lid. 

see RpttoeUM Asset tknagaaeal 
Norwich Union Insurance Group (b) 

PO. Box 4. Norwich. NR13NG 06D32Z20D 

L'roopTeX Kd- 1350.9 3694] +0.9] 4 92 

Pearl Trust Managers Ltd. (aKgMzJ 
35B High Holbtfn, WC7VJES 01-405844] 

Pearl Growth Fd — [254 2UI +04] 541 

Arena Units — -.W.7 294 +b3 531 

Pearl loc... BXJ. 34 Z +03 7.17 

Pearl UoliTct g*o *(j +o3 «*9 

lAccum. L'niifX — H6J 541] +02] 4.89 

Pelican Units Admin. LhL (gMx) 

81 Founts In SU Manchester 081-2363685 

pebean UBiU [*6.9 93.41 +0*1 4.99 


1977a *3 0 614 
295.7 +4 5 684 

86 7c 3.62 

10*2 3.78 

33.4 236 

36.9 236 

"PuftCharKdJylS 069.7 174.9a 444 

"SpreEx.JulT4.-P46.7 2542 ...... 396 

"RccovaryJnV * — |3l3 186ft] 548 

•For (as exempt funds only 

Scottish Equitable End. Mgrs. Ltd.? 
28 SL Andrews Sq., Edinbursb 0515568)01 

Income l' nib 150.7 53 9] +}1| 514 

Accum. Units p78 6IS1+12J 5.14. 

Deahnc <L*y Wednesday. 

Sebag Unit Tst. Managers Ltd.? (a) 
POBoaSlI.Bt'Ubiy Hse..E.U4. 01-2365000 

SSS&SttJEX S3 

Security Selection Ltd. 

I5-I8.Unrolo-ilDDFields.WC2. 0185180388 

UrolGIhTrt Acc_.pS 1 26-8) j .221 

UovIGIbTMlK — fa. 9 233] ...T| 221 

Stewart Unit Tst. Managers Lt d. ta> 
+5 rhariotteSq. Edinburgh- 031-2263271 
(Sf+ort Amertcan Fut 

Standard Unils (66.8 69? J 139 

Arcum Unlta ._]711 7531 1 — 

withdrawal Units -]527 55 Jj — 4 — 

•Stewart British Capital Fund 

Scandarti.. [135.1 146.6J J 438 

Accum. Units 1 1548 . 168i| +_. | 430 

Dealinie TFn. •Wed. 

Sun Alliance Fnnd Mngt. Ltd- 

5tnn Alliance H*r.. Horsham. 0403 M Ml 

WSttiS-gsr ^3+oa| 3S 

Target Tst Mngrs. Ltd.? (aHg) 


Alexander Fund 
K nr Noire Dame, Jjixembourg- 

Alexander Fund-. I 5US686 T 1 — 

Net asset value July 3u. 

Arbnthsot SecuriUes IC.IJ limited 
P q. Box SM- St. Belter. Jeracy. 0834 72177 

C*piTa.iJ«wy»-J»7B MLOT - 4 42J 

N«l oriiine iUic MiguH ‘ 

Eart fttnU.TM.iri>. |U6 6 123 « 4 3 89 

.Next muU August 2 

AtutraKaq Selection Fund NV 
Market Oppununiiies. c,o Insh Young ft 
Onlhwaiie, 127. Kent Si, Sj-dney 
USSi Shares- - -I «ltfM L— J — 
Not Asset \*hto July 20. 

Bank of America International S^A. 
35 Boulevard Royal. T-uxcmbourp GJ>- 
Wldiavcst Income. Ifi'SHlM -— I 7.74 

Prices al July 20 Next sub. day July M 
For BnJt of Xndn ft S. America Lid. are 
Alexander Kd. 

Ban quo Bruxelles Lambert 
2. Rue Dv la Rrcrore B 1000 Brussels 
Renta Fund LF P.886 X944] -8] 779 

BarclagB Unicorn InL fCh. Is.) Ltd. 
l,Cbariusrnws.M.Hclicr.J>ay ■ 053473741 

Overseas Income .. |46 4 48md J 1280 

I'ohtollarTrad BTsliW ifii -1 418- 

Dtu bond Trust. .|tl!3tt*l m«3-0 ?7| *00 

■SahJref to lee and wilbboUln lasts 
Barclays Unicorn InL (1- O. Man] Ltd. 
lThoaasSL.DouBXu.I.aM. om44864 

UuieoraAiUt.EsL. B.7 57*d ... 1*J 

Do Autt-WlB 34.8 SAW +0.6 X6S 

Do.Gnr.PsclDe — 64 8 *64 .... - 

Do IntL Income . - 185 4X4f C40 

Do I id Man Tst- — 45 5 49M 9.B0 

Do Manx Mutual (26 4 28.4] .... 140 

Blsbopsgate Commodity Ser. Ltd. 

P.0 Bdl42.D0Uflsa.LnM. 0824-13811 

.4RMAC"July*. ._»«*» MM( — 

CAN R HO 3 _pJ 8J7 Xl»« i — 

COUNT *"July3 [6 400 2j4M 7 2 06 
Originally Issued at -S10 and "£1.00. 

Bridge Management Ltd. 

P.O. Box 50ft Grand Caymsa. Cayman Is. 
N'basb! JUBeSO - ( Y 15309 ( .....-( — 

GP.O. Box 590. Hone Kong .... 

Nippon Pd July 18 -JU5Ua 1«M . — 0M 
Ex-Slock Split 

Britannia Tst. MngmL (Cl I Ltd. 

30 Bath Sx. SL Helier. Jenny. 0534 73114 

Sired ay Denead luted Fd* 

Growth Invest 55 7 36 4 <4 J 88 

lauLFd. B5.9 92 3 1.00 

Jersey Energy TXX- 1565 14971 ISO 

Unlvsl STri Stft. .. £212 23jl 10D 

B|fh luX-SUg-Tal j£8 97 X01| 1280 

V-S. Dollar DmendBaied Eds- 

Uulval 5 TO- Bl'SS26 5J* — — 

InLHIghlaiTat |IV*097 in] i 8.8 

Value Jub' 21- Next dealing July 31. 
Brown Shipley Tst. Ca (Jersey) LUL 
po Box sag. sx Hel ter. Jersey 0534 74777. 

SlerllnsBeodFd..|a022 3027) .... ] 1X75 
Bnttcsiield Management Ca Ltd. 

P.O. Box 186. Hamilton. Bermuda. 

Buttress Equity 12 JO 2381 .1 176 

BinxrMi Income.. - fl 97 2jq . ... I 748 
Prices si Jub 17. Next sub. day August 10- 

Capital International SLA. ~ - 

37 rue Notre- Dame. Luxembourg. 

Capital lot. Fund. ..| SU 61731 { J — 

Cbarterhense Japhet 
l.PMcrnomerRow.EC*. 01-248 3908 

Adiropa. MOIW 5^9 ■ HZ 

Adirerba DM51 M SJJJl ... 587 

Foodak — ... DMJ33S 35 la +010 5 70 

Fondly DUS 50 2sm 5.46 

Emperor Fuad. Sl'S308 IIS — ■■■ T~- 

Hixpana H'S)15 4Uq 295 

Clive Investments (Jersey) Ltd. 

P.O. Box 320. SL Heller. Jersey- 063437361: 
rlf»r CUlFd. iC LJ. 0017 1B21J — J ,11 8 

Clive Gilt Fd Ury.i [1023 18-171 J 1X00 

Cam hi II Ins. (Guernsey) Ltd. 

P.O. Bo* 157. SL Freer Fort. Guernsey 

jatnLMaa.fU (1643 17ftS| ....4 — 

Delta Group 

P.O. Box 3012. Nassau. B ahamas. 

Delia lav. July 18.... 15180 X89I+D.07] — 

Deutscher Investment-Trust 
Postfsrb 2685 Birbergatse 6-10 8000 Frankfurt. 

arssstii-iniisass - 

Dreyfus Intercontinental Inv. Fd. ' 
P O. Box N3712. Nassau. Bahamas. 

NAV July 181 ffVSHA BJI| .... J - 

Emson & Dudley Tst JMgtJrsyJUd. 
P.O Bax 73. St. Helier. Jersey. 053420581 

EDICT. (1220 13M| . — J 330 

Eurobond Holdings N.V. 

Haudelxkade 24. Wtllemsiad, Curacao ' 
London Areals: I ami, IS ChrlMfefeer SL. ECS. 

TdL 01-247 7743. TeJec 9814488. 

NAV per share July 21 SUS3020 . 

F. A C. Mgmt. lid. Inv. Adviser* 

1-2. Laurence Pouuiaey Hill, BC-4R OBA. 

01-823 4880 

CeaLFd. July 10 — I 5US5.59 ) 1 — 

Fidelity Mgmt. A Bea'tBdn) Lid. ' 

P.O. Box 870. Hamilton. Bermuda. 

Fidelity Am AM.— I SDS26.10 | — -4 — 

Fidelity Ull. Fund- JUS2247 I J — 

Fidelity Pac.Fd..+- ' SUSK89 J — 
Fidelity WridFd^- 1 SUS1539 |+fl»| — 

Fidelity MgmL Reseurch (Jersey) Ltd. 
Waterloo Hse, Dfm Sl.Sl Helier, Jersey. 

0534 27581 

Series A ilatnl.i ...... | ' £3 95 ] . I — 

Series BfPacificL.. £0 97 +0.01] — 

Series D |Am-A*s-q ..U7.9U.. | . 

First VUdng- Coeamodity -Truata 

(LSt. Goorgei SU Pourias-LoM. 

oto* 468L Ldn. AjttnDuobar ft Co. Lid. 

63. Pal) llalL London SW 17 5JH. 01-0807857 
Frt.Vik.Cm.Tm-_.pM 8 55B — ) 3.1D 

Fu.VLDbLOp.TsI -|35.9 88.8| 1 188 

Fleming Japan Fund S-A. 

37, rue Notre- Dame; Luxembourg 
Fleming July 18 | JUS56.75 | — 4 — 

Free World Fund Ltd. 

Buhrrfleld Bldg- Haadlum. Bermuda. 

NAV June 30 ] SUS183.76 | ._„4 — 

G. T. Management Ltd. 

Park Hrt. 18 Finsbury Cirrus. London EC2. 
Tel: D1-4B8 8131. TLX: 888100 
London Agents (or 

Anebor'B'Units.— .BUS8 9S lUl .234 

Anchor Gilt Edge- 69.78 9 8U +0.04 1291 

Anchor lot. Fd tOS4U 4 Ha 224 

Anchor In Jqr.Trt. 288 29J 262 

ar(r-"~- soxbo^ 11512 ::::: o« 
GT. Asia Sort) ng- 0494* lftfi 


Keyselex Mngt, Jersey Ud. __ 

111 Bui 0ft M Ui-licr. Jcr+cy.. 'Kf* -V+IF. 73771' 

Fonriea fn! J» 1 M*. ,-.;i 2t0 

honducli-r ■ InlUW 

Keyu'lex lnl‘l .. (662 7 nh.*^ ■ ~ 

Krysele* Europe. 0 94 eiV 371 

Japan GUi Fund V.STS — 4 " 

Keyselci Japan ... C341B - VhJj -> — 
Cent .*uaets Cap U54M i+HCJ! 

King & Sfaaxson Mgn. _ 

U'bBnnfiCruM.K! 1!"U»+ "j-'-'l't '-'.'-jL 

Valley tile R iwer Port. i.ru»«. n iSl' -»■ ' * 
1 Thnnu* Slit-ri. Ucsvll as. I V •Lj.a 
(iih FundiJersej-i. |C904 "4CvS U 
GiUTnidiloMl 2645. 2ff7S . . ; -?+? 
GUI Fnd. Uuvrnw>{£4 36 943n . . I 2- ”“ 

IntL Cert Sees. Tst 

Fun Sterling (CM 26 IB-AU. 71 — 

Flr+l lull .. IS186M lSh7 £ .l+i^: - 

Klelnwort Benson Limited 

SU, Feocbureh SI . Es3 >'1 -723 

EiuiiiHl- Ui F IM ( ’ ,6 i i?* 

Gueriise* Inc .. Wl oil, I +;• 

Do \erum 795 Hft I 4 .- 

KB KarKaSI Fd »« S1?2« . ., J0+ 

KB! nil. Hind M SU *! i L J 

KHJapaaFuod 4I SJS»fe 1 .. J 

KJl. L.S t-wth Fil l!'SU_^' j- 1 dib 

SienetHertmula Sl'S4S9 

-L'nilwidslDMi 19 30 G1+ 


F.urinic+l . , Im\. F 1»3 I "■«>}??? 

. Cueriise* Inc .. Ml oil, I +;• 

Do \erum 795 HCi I 4 .- 

KB Far Kart Kd »«‘S1?2« . ., 

KB! nil. mod SI Sll 61 i .... i 2 ^3 

779 KHJapaaFuod si'S3S»fe I .. J P-73 
Klt.L.H traill Fu. 6CSUJ7 j- 1 d £ 
4Q - SienetRertnuda Sl'S4E? 

3741 •I’mlwidslDMi 14 30 XX. 

2 80 "KB act a* Lunuoa |ia>ln< u-U- 

ftM Lloyds Bit. iC.l.l L’/T Sign. 

5 Pti Box 186 Si Helier. Jen*) i+Ttrrri": 
Jx L Lako’d^Tst 1 j koiaa [572 bCM 1 U* 

\p«i dealing ilaie Au*:u>i 

2*“ Lloyds International Mgaint. S.A. - 
7 Hue du Khonr. PD hue IT". 1 ’.JH l»i-3«iJ ” 
240 IJtn-ds (nl. Growth J+iUtV WJj ... < £M 

980 Uojdsinl. Iwome.jMJCim WH : **) 

140 „ , 

51 & G Group 

' Tblre Wua>\ Tu»er Kill ITJR dTC f-'-'- i I'-T- 

3811 All jnlir J lily - r . . . pi rf W }=l *? X>. - 

— Aurar Ex Juh IP pl-vj ’S - -‘J. , - 

T*. Gold.Ex.JtU> IP )U. i11l »'l \ - 

204 island-. .130 8 L«?a i; 9J4f 

L (Accunl'niiv . ll8S 3 7Aay <1 .] !>o 

Samuel Montagu lain. Afils. 

" ] 14, (lid Brand M. KCS i)!.WW-4 

— Apollo Kd Jub, IB -F4AW ISSl! .. ' »71 

« u JnigfJ Juli (I . H!iSl<7 1 ■ rr 

llTi'.rp Juli t= V 'StA . ! • -J. 

llTJer-n Juh 12 rill 5 ii' . 0’S 

117Jre>O lJu1> 12 hllE7 U «) . - — 

^ ll4 Murray-. Johnutoae if nr. Advi-^rl 
. gj. us.tippcNi .Giaxiriia -'2 r- et 

100 "HupcS! lil 1 SlViJbW i ! — 

i m ■Murray Fund . I V'slO - * i , — 

loo -r,.M juij ::<■ 

a " NtfM. 

10a Boulevard Royal InirrJwnrj 

9.8 NAV July 2i J SUilXIC I . I — 

Negit Lid. 

LUL Rank of Bermuda lUdn., liana'! .+i. " ■"••‘■s. 
4TT7. NAV Jub U- - ■ |t5 69 - ] .. . — 

1175 Phoenix International 

■ ' ni Box 77. SL Peter I'r+i. lio'iny'. 

^ ^ later- Dollar Fund |S2.U 7 5?) ! — 

748 Quest Fund Mnjrront (Jersejt Lus 
lit), po Urn KM. Si Helier. Jersej. 

' . Ouch SIlE F«d lid. | l 1 i ' — 

* quest I nlT Sera .1 S'-’« | ■ — 

quest Ind. Kd . ( 5f«l I - 

— Prices al Julv ll Hint lU-alin^ Ju^i 

Richmond Life .Vss. Ltd. 

48. Alhof SlreeL Duuglo-v. I O IP (HTIJ.H-li 
SJI (xlThc Silver Tnua. W7b l!6?-0" 

1-fT Richmond Rood FT 1771 1S6L *)1 SI !C - J 
5™ Do Platinum ltd.. 1238 -1 c [ - 

Do. Gold Bd IWB IM 71 -a?, - 

Da Km. 07.02 Kd . 1761 13** -+G i-| 21 a - 

Rothschild Asset Managcnirr.: (C.I.i 
-u,- y.OSox 58, SI JulisusCLGuernsm- i+UI 24.-3! 

++ B ' O.f Erj.Fr. Junn3a.f522 5531 . ■ i'. 1 ^ 

^ O C.lucFd July J. 1526 1423 .... • 

1130 O.r.Jnti.Fdt ...JUS 2;i 

O.CSmCoFdJnSO... 145 9 15+N . | 3^ 

O C. Commodity" ... life 3 l«s| ... i 4^. 

OC.DIrCamdtyt.. SJ60I 27bt( I P73 

— ■Pnc+S on July 14. Next A-nlwg ,'.h 
IPriccB on July -I- .New! lU-nlmg liijurt 7. 

Royal Trust (Cl) Fd. Mgl Ltd. 

— V Q. Box IM. Royal Tst. Hw.. Jerwy. CSW 2T4-U 

R T. Inll. Fd W’593I 5^! - 1 3$s 

R.T IntXiJn- (Fd. ]91 «! ) 321 

Jurt. prices al July K. -N’ml dealing Aujmz X 

— Save & Prosper International 

^ 37Brou1 SL, SL Helier. Jersey PT+-U31! 
lift DoltaedcsomlnMed l ands 

~ Dir. Fled (nc.**. ]?I7 “73 ... T-ffl 

td. lmernaLGr*t 17.43 3M .. — 

5r_, FferEarteru-t - -M4B2 4aia-33.’ - 

North American** .W79 — — 

3-60 sepro**t- |M55 15 9C1 J — 

~h iHiis a mprtnatcd Fuads 

^ Channel UlmuM -Il4fe9 15473+11! sK 

ECS. Cwmnod— 120 8 1271] . . - 

St. Fixed— -.-J1131 218 5) ! 11.61 

Prices on July 24. “Julv 10 —July M. 

^ Dealings. 

ScUeofnger Internationa] Most. Ltd. 
41. La Matte Sl. Si Helier, Jerse.- 0K4T.W. 

— S-ALL- W! . 871 - . | ,&33 

^ GUlFd '■“"I" »I Z3.f +0J| 1133 

— jmnl F Fdl2i5ro" J10-B7 UgK-Oai 

— "Far Gun Fund — |ft8 1W' 2.* 

— "Next suh ftay July 25. 

|T| 'Schroder Life Group 

Enlerpnsc House. Ponxmoulh. 070S277S3 

Interna t io na l Fuads 

_ ££#ittv_ 1185 I'&ri _ 

_ {Equity 1333 34171 - - — 

~ LFixrdl merest . 137 6 Ilijl - 

■ ■■ SFixedhnerest-..- 164 9 }«5 • - 

1 . {Managed 110.5 17E.fi. .. ■ — 

.Ufanand 11*8 3263| ) — 

J. Henry Schroder Wngfl &. Co. LnL 
ill, ia6.Che*p*lde.EC.a. OI-3SS4O0O 

188 Cheap 5 July 31 —I SCSI 1.75 I | 2.47 


31. Gresham SL. BC2. DcoHnp*’ (088 3M1 

Tsrcei Commodity. 08 J 4X3 +0.1 357 

Target FlDanrlai— bX4 *6 7 +DA *53 1 

Taract Et)u)(y. 314 ‘ 4U .. 596 

Target S July 28 __ 7139 22X7 +3 2 6 « 

ftDo. Aec. Units. — ..290 6 ' 3011 +4 4 6.42 

TarcetCUtFnod „ U6.4 122 2 +8 1 3 00 

Tanjet Growth 29X 3X3 +0J 4.62 

Tarretlntl 27 1 291 -0J X7B , 

DO. Rein v Unils— 295 3X7 -02 1.70 

Taraetlov 534 35 ft +0J 356 

TKLPr.Juiy 26 UX5 178 8a +36 411 

T^L loc. 29.9 .32J +DJ 8 99 

TBLPrel. — 13 B 045a 12.04 

TgL Special Sits. (19.6 2Xl] 4.42 

Target Tst. Mgrs. (Scotland) laKb) 

Ifl.AlhOlCroWMU.EdlU. ft 031-328862X3 

Target Amer£a*le W I 29ftrt -63 1 41 
TarflM Thistle....— R* 443+03 5*7 

Extra Income Pd — (siJ 64^+02(1045 

Trade* Union Unit Tst. Managers? 

100. Wood street. E.C5L 01-6388011 

TUUTJuly3 1486 5XB| | 536 

Transatlantic and Gen. Secs. Co.? 

91-90 New London Rd L'belmtford0245M8Sl 


Barbican July 20 
lAcrum. Unit* i_ 

BarbExpLJ one 28 
Buckm. July 20 „ 
lAccum. Units!— 

CMemoJulyS— 

I Arcum. Uoitsi - 
CombM. Jufcr 16 - 
i Art nm. Unite) _ 

Glen July 2£ 

(Accum. Unfi 
Mari boro July 25 
l.Secum. Units) — 

Van Gwth. July 35 
llmia. Unitai 
Van Hv July 25 

Vans. T-ee July J9 
lAccum. Units, i 
W(ek*r July 20.. 

(Aecum. lintis) 

WlrkDI. July 31 
Do. Accum. 

Tyndall Managers Lid-? 

18, Cwyngr Road. Burned. 

Income July 19 1988 

/Accum. Unilsr, 
i.'ap>tal July 18 
> Ac-rum. Unitai 
Exempt July >9 

(Acvurt Unit*)... 

Ini Earn. July 18 
lAcrum. Uaibi 
Pref. July 

(Arcum. unllsl 

Sent* Cap Jub 19 

( V+unv UrdtSI — 

SeoL Inc July 19 
Loads* Wall Group 

Capital lirowlii (840 ■ 89.8 +07 

Do. Accum. — 185 9 91 9 +0 8 

Extra Inr Growth.. D7 6 404 +07 

Po. Arcum. . .—— 45.8 47.C +03 

Financial (V««>... U! 175 +0.) 

Do. Areum. ..119 6 204 +-01 

High Inc Priority- (63 J 67J +0« 

laternaiiooal-. — g9 6 . 32.8 - 

Speeisl Slla. JSftb 344-1 

TSB Unit Trusts (y) - 

21, Chantry Wsf. Andover. Hants. 

DoSlcngv lo 0364 GM33-3 


765 J ... . 545 

12L7 545 

U48 507 

8Z.4u 4 99 

WXfl 4.99 

134.4 588 

1627 5 88 

54 0 ...... 721 

51.1 721 

58 7 +01 4J3 

754 +1.1 453 

54.6 +0 6 337 

*23 +0 7 337 

5X3 *12 327 

665 +14 327 

7*. la +0i 817 

45.6 6 61 

47.4 6.61 

64.7 _.... 5 07 

767 -... 587 

694 . — *41 

795 8.41 


0372 32341 

J BJ1 


Anchor Gift Edge- 1978 981a +0.04 12. W 

Anchor InL Fd SDS44S *9U 2J4 

Anchor In J V .Trt. 286 29J 2.62 

bSS Srir-"-"- MXK?* 31512 “"i 6« 

GT.AmaStertins-mM 5 lftS 124 

G.T. Bond Fund 5US13 12rt +012 5 71 

G.T. Dollar F d 5US7-38 8 6s 

G.T.PucificFd. 5US15JS +fll<] 183 

Gartmore Invest. Ltd Ldn. Agta. 

2.SLMar+ Axe, London. EC3 01-2833931 

Gartmore Fnnd MngL (Far £ml) ltd. 

1503 Huicht«in Hee id HarCOunRd, IlKuae 

HKftPae U.T*....«HJ3JJ4 JBfl I 2-20 

j spoil Fd. — motiE mid+tas oto 

N American Tit — ECTUO HWw .TTJ 150 
IntL Bond Fond — DCSH 411 .. .. | 5 7V 

Gartmore I iiw ta w l Haft. Ltd. 

P O. Bos 32. Donulaa loM. 083423Q11 

Gartmore Inti, lncToi.2 22.6) . ....] 1896 
Gartmore IdIL Gith]66J 7Dftq .... | 300 

Hambro Pacific Fund Mgmt. Ltd. 
2110, Cuunautht Centre. Hong Koag 

Far East July 1* |tU02« UJ4I J — 

Japan Fund (si'SIZJ 8*7) i] — 

Humbros (Guernsey) Ltdy 
Hambro Fund Mgrs. (Cl.) Ltd 
PO Bex 86. Guernsey 048I-2S2I 

C.1 Fund . [1460 1355) +4 61 3 70 

IntnL Bond SUS 1B&I7 1094M+B6J §.50 

Int. Equity SUS U 25 116U+002 2 50 

Ini. Sv**. - A' SVS 183 J8(J+flO] 8.SB 

InL Svga. 'B' SU 5(1.13 1.16] 250 

Prices on July 3& Nest dealing Aucurt X 

Henderson Baring Fond Mgrs. Ltd 
60S, Gammon House, Hong Bong 
Japan Pd Ju(y IP . [SV52IM &N] ... .1 - 

Bart nr Head Bond Fd. July 20 SUSiOOW. 

’Excluttve of may prelim, ebarges. 

Hill-Samne) St Ca iGuemsey) uft 

8 I+eFebrre SL, Peter Port Guernsey, C 1 . 

Guernsey Tsl 1155 6 1665| +1 JD| . 3.49 

HID Samuel Overseas Fund S.A. 

37. Hue Nnue-Dame. Luxembourg 

IR-Sll* HB]-0 05| — 
international Pacific Inv. Mngt Ltd. 
PO Bert R237 r 5ft PlBTtL Sydney. Aurt. 
Javelin Equity TsL.)jA209 21<M - - -I — 
JJELT. Manager* (Jersey) Ud 
PO Box 104. Royal Tst. Hse.. J*«ey0534 27441 
Jersey Enrol Trt_ |]74fl 185 01 ... I — 

As u June 30. Ken sub. day July 31. 

Jsrdiae Fleming Se Co. Ltd. 

40U> Floor, Coanaughl Centre, Hong H«mg 

J ardine Ehel Tst SHE293.94 I . ...j 250 

Jardme J'pn FtL"— SHK3o2.7B ] | 0 90 

J ardine SEA. . — SUS1722 ] J 1.80 

J ardine Flouxlnt.— SHE1035 I ... ] — 

lad Pacific Scot .. 0002(7 111* I — 

NAV July 14 Equivalent 30S7800. 
Next Mb July 3i. 


Japan Fd. July 13_ Ill'S! 34 7U4 . . J P£0 

Sentry Assn ranee imernaciocEJ Ltd. 

P.O. Box 33ft Hamilton S. Bermuda 
Managed Fund . — IIISITSW l*Sr. \ — 

Singer ft Friedlnnder Ldn. Agents 
20.CnanonSL.EC4. 0I-2S8SW 

Dekafonda- |DM7t« 27*41-0 »| 4B 

Tokyo T«. July 3— | JUS3700 | . t 163 

Stronghold Management Limited 
P.O. Bo* 315. SL Holier. Jersey K54 Ti-WO 

Commodity Trust— 191.18 95.90j — 

Sarin vest l Jersey) Ltd Is l 

Queens Hoe. Don. Rd. SL Helier. J«y. 0FJ 1-0 
American I mlTH KB 06 CZ3)-3.:jj - 

Copper Trore KU.94 lXICi-OOJ — 

Jap. Index Tsl |U228 12.53] -DJB.j — 

TSB Unit Trust Managers (C.i.» 5.14 

Basmede Rd.. SI Saviour. Jenwv 05C.J TS-U+l 
Jersey Fund —. 147 5 50 M +1.2! 4L3 

Guernaei Fund — W7S SOO^-lOl 4a 
Pnees on July 2B Next sab. day Angus X 

Tokyo Pacific Holdings N.V. 

Inttmla llunanemect i'a S \ . I'urirr.xo. 

NAV per share July 17 SL'Sfil 22 *-0 1A 
Tokyo Pacific Hldgs. (Seaboard) N.V. 

1 pti mis Management Cn X V.. ru;-tca>> 

NAV per share Jub' I” 51'S+W.fi) +M II. 

Tyndall Group 

r.O. Boa 1258 HamUtan 5. Brenwia. C-27C# 
UvmeaaJulyia .-|SVSI17 IMd . . ' 400 
lAcrum. Units) . H'S155 I'bl . [ — 

3-WaylaL Ju b 20 - lU'td *6 +C3|-J3M — 

2 NewSL.SLBrUfT. Jersey CS34 2723i-5 

TOFSLJulv'20. _. iJ50 8J0J... 6 C3 

i Aerum. Snares' ... tlTOO IIQI ... 

Ararnran July 30 . BS.5 . »S 2 PC 

lAceumshareii .. £3 5 8751 .... 

Jersey Fd. July 10 .. 1962 2CGK ... 760 

tNuoJ.Aee L tfi. . 2774 SV2 ....I 

Gill Fund July 2U-- 107 6 HWW I0+5 
lAccum SbaieU . .1390 141 o) — 

Victory Haaae. Donelaa. lalrol Wan. buZ4C4IiL 


\ Ictory Haaae. Donelaa. latrre Kao. 
Managed July 20 . .(130.2 1372] 


Uld. Inlnl. HngnmL (C.l.) Ltd- 
14. liulcaalnr Slrowl. 5t Hi-licr. let fey. 

IM.B. Fund |SirWD ax’V ... I S.14 

United States Tst. ZntL Adv. Co. 

14. Rue AJdnnger. Luximhuurs 
U.S. Tit. ]fl».Fnd | J1069 j-R.CS; C.» 

Net asaui July 24 

S. G. Warburg & Ca Ltd 

30. Gresham Street. ECX 01«kK555 

Com- Bd. July M ( {l'S9M 1-0 021 — 


Warburg Invest. Mngt- J rsy. Ltd. 

1. Charms Cross. S! Holier. 3sf. Cl P£^+7S71I 

CMFLUlJuBe23. M'SUJS 5LCJ J — 

CMT Ltd. June 20 . £12 77 13 trf — 

UetalsTM.JuIy20.EUB9 liia . . . ~ 

THTJuiy 14 nslfijj .. ~ 

TUT 14a. July 14. plD36 !0.63[ . ! — 

World Wide Growth Masasentfol^ 
10a. Boulevard Royal Luxembuur£- 
Worldwide Glh Fdj JUS.15.JB |— O.XEJ — 



l hfTSB General W.t 

lb) Do. Accum. 912 

lb! TSB Into me 686 

lb) Do. Accum 63 J 

TSBSrotliah 845 

<b> Do. Accum- — ..903 


495d+05 369 
634 +1.) 3.69 

645 +OB 733 
675 +03 753 
89 7 —03 2.79 

961 -OJ 2.79 


Ulster Bank? (a) 

wart nc Slrert. Bcltajil 0232 3.1331 

l blUbter Growth — |3B 6 41 4) +0.4J 358 

Unit Trust Account & Mgmt. Ltd. 

King Willi JBiSL EC4R 9.TR UI«3-WSI 

Friars Hxe.FUn3. h (152.0 Ultd ] 4.66 

WielerGrth.Ftad._b85 UR .... I 4 24 
Do. Areum &4 9 3ftR | 4.24 

Wirier Growth Fnnd 

King Williams GC4HS.UC 01 6234961 

Income I'nlli p0 2 3XB| I 424 

Aroim 17 nlt+ M.9 . 3LH J 454 


01 0234901 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave., London EC3V 3LU. Tel : 0i-2S3 1101. 
Index Guide as al 18th July, 1978 (Baft* 1(H) atK.1.77) 

Clive Fixed 1 merest Capital 12R.77 

Clive Fixed Interest Income 115.70 


CORAL INDEX: Close 48248 


INSURANCE BASE RATES 

T Properly Growth 10 ‘ % 

t Vanbrush Guarani ced 9.2 T, 

tAHirtw •Jtowu under Insnranrr aud Property TU>nrf T.ible. 






































M 


i; 

n: 

*:• 

*> 

j 

*TI 


,\" 

•fi 

3i 

s 

•r 

1r 



advise on 


Founders Court, Lorhbuiy, 
London EC2R THE 
Telephone: 01-606 9S33 


financial Times Wednesday JuIy ^C 

FOOD, (^OCEaUES^^t, 


rvi 




FT SHAKE INFORMATION SERVICE 


BONDS & RAILS— Cont. 


BANKS & HP— Continued 


BRITISH FUNDS 


197* j 
Hft Lw! 


SUek 


I+-H TleH 


A 

*7 

9r s 

JOCK 

10 & 
102 \i| 
45 % 1 
*161.1 
110*4 
IO 6 I 4 
41% 
101*4 
97.1 j 

1004 

99!. 

115-3 

% 

100*. 

W. 

96” 

854 

114% 

IDOL; 

434 

894 

96v| 

674 

89% 

6S' t 

754 

1154- 

89'; 

•1D6‘; 

;il2?e 

113 

1104 

12014 

1287 e 

.llVs 

607 ' 
106*4 
51“< 
95 

.114 4 
.'90% 
131 1 
117*8 
• 50 
115% 
93 >3 
■ 83% 
72>« 
13P* 
98i 4 
901- 
96*4 
42j; 

“§$ 

■ 7 & 

■I 7 I 5 

39% 

28% 

241® 

24 


•^Shorts” (Lives np to Five Years) 


98*8 lExch. 5pc TG-TOt 

hoi A Treasury 1 ! ijc TSJt _ 

94* nrasuiT3pcTStt 

951* E3eclnc4i4PC 74-79 — 

99“a TwasinyB _ 

94\t Electric 3%pc 76-79 — 
Treasury!^ W8W— 
97% ireasmy^a*'®?.— 
92% Treasury 3' jpc 77-80— 

1 93=4 FnfldiiiSa^pcT&OW.. 
103X Exchequer 13pc ISBO^j 
99',5 Treasuries* 

Tn>asnn-%)c 13798 !.. 
95% Treasury S&pc 138144— 
91 % Exdv8%Deiasi 

94i«gsch.®3!*1961 


85% fetch. fee 1981 

951lPrreas.VariafcteVl»^ 
lD2%|Exeh 12%pi 
iTrea&JPjpc 


106% Treasury Wpc . . 

94% Truss. Variable Rijf— 

89% Trearury8%pr'32 

91% Exch.9>4Kl9E2 

91% SsCtLftlXUffi.A 

39% Etth. 8%pcl9B3 

79% £«h3pc , 83 

100*1 Treasury 12pc 1983tt_. 
39% {Treasury 9*4 pe ®_ — 


easury 9tec B3_ _ I 1 * 

Five io Fifteen Years 


5.04 

1L36 

3J4 

4.43 

10.46 

3.65 

917 

9.64 

3.72 
557 

1250 
1139 
388 
110 05 

a?9 

988 

3.48 

10.17 

1221 

9.07 

355 

1297 

10.29 

9.01 

9.92 

9.92 
954 

3.73 
1160 

9.93 


9.21 
9.40 

. 7.08 
786 
10.09 
677 
10 27 
1085 
6.94 
8.60 
10.95 
HOD 
183 
11.01 
10.76 
1105 
8.16 
10.66 
1107 
1068 
8.08 
1125 
1146 
10.93 
1130 
1132 
1113 

8.22 
1120 
1120 


47 
80% 

86% 

77 * 4 
79% 

60 s 

64% 

101 % 

77% 

92% 

63% __ 

9S% [Treasury 


Fundi ng ®jpc ’85871* . 
Treasury 75pc 'SWBtt. 
Transport fee 7888.— 
Treasury ape T»W — 
Treasure iSpelEBWt- 
TreofluyB^aTSOti — 
Treasury Wipe 1391— 
Funding 5*pc 

lyUSTpeVBft- 


84% fTreoMr.- lOpc 1992 

97% |E«h.^pc-92_— . 

Over Fifteen Years 

96% [Treason- 

60% Fundi ngfipcISKS — , 

104% Treasury wipe 19MWj 
117% Treasury 14*jpc W ' ' 

97% EtthlSweOM- 
76% Treasury 8pcm 

93 Treasury lfeC35 

AVa Gas3pc 


98% Treasury EipcVStt— 
76% Treasury 9pr , fc’96ft_ 
114% Treasury lSUpcV63-. 
101*3 Exchequer llStec "Sift. 
42% Redemption 3pc fefB-iffi- 
100% Treasury IStecICi;.- 
85 Exchequer IOItoc 1997. 
74"» Treasure 8WT9972.- 
60 Treasure «iprV61tttf. 

118*4 ItafcltoeWtt 

93% Exth.l2pc 1998 

77% rreasnxyS%pel999S- 
63% Treasurv]0*2pcl999— 
34% Firadiw3a*'9M4— 
67*2 Treasury ft* lE-OfiS— 
47% Treasury 33*TB-12fc 
62% Treasury 76pc ‘ 12- 15p. 
93*2 Each. tope 13-17 — __ 


30% 
29% 
.33 
2 3% 
19% 
19% 


ConsoMpe- 


Undafed 


■ar Loan 3%uc# 

E MlY.3*2pC d! AIL 

reasury 3pc 66 .Ml 

onsfrii 2%nc 

reasnry 2%pe 


36% 

70*4 

49% 

•as 


10.29 , 
|l216 
, 876 
1247 
1158 
1 1236 

11246 
9591 
1281 1 
1293 
12511 
1132. 
12391 
666 
1192 I 
1258 
1149 
13.06 
12.68 
6.85 
1268 
1207 | 
1155 
10.88 
1304 

1251 [ 
1179 
12191 

955 
11180 
1154 I 
1190 
12.48 | 

12381 

1135i 

10.U 

1252 i 

1206 I 

1245 


10.78 

1240 

12.07 

1239 


INTERNATIONAL BANK 

88 | 32% |5pc Slack 77-82 | 84 |+% | 5.95 { 

CORPORATION LOANS 

93% 

100 % 

90* : 

90% 

97% 

90% 

25$ 

91 

ft 

g; 

66 
22% 

91 
°4% 

100 % 


9.87 


98% 

94% 

107 

112 

■ft 

.% 

2 Q % 

99% 

•97*4 

•.«&% 
. 87*j 

• 69 
■73 
•26*3 
93% 
99% 
106% 


Bim’hanOUpc'TWil- 
Bristol 7%pc 758 L_ 

GLC.L.%pc82 

Do. r*;pc 1983 - 

Glasgow 9L pc UQ-IC 

Herts. 5* 4 pc 7880 

la; erpool 5%pc^ 78-78 _ 
Do.ApcVOW.. 
DaJipclrred. 



Dt..9jpcTB<r 
Do 6%pc *88-90 

Dn.3pc'20AR 

.VDddtS*«pcl980 

NewrasUeO'iPfTB^O. 
ffanrick 13;% 1380 — 


94*arf 

+*4 

980 

89 

+*4 

8/1 

102*4 

+% 

17 75 

un%m 

17 75 

91*1 


10.11 

91*4 

+% 

5.75 

99*4 

5.79 

94*; 


10.45 

26*; 


12.56 

95*4 


1027 

627 

. 84* 4 


644 

79% 


6.93 

68 % 


8 J 1 

68 

+% 

9.97 

23*; 

+*4 

1322 

92 

+*4 

5.71 

,95*4 

+*4 

9.66 

' 102 

+% 

1225 


1019 

1133 

1186 

1054 

1151 

1141 


C0M0NWEALTH & AFRICAN LOANS 


iotr t 

95-4 

88*4 

99% 

° 6 % 

87% 

.95lj 

70 

96 


64*; 
' 90*i 
33*4 
139 
,95% 

■197% 

110 

-114% 

£5 

■81% 
99 
99*4 
101 % 
71% 
71% 
fH% 
. 81% 


95% 

92% 

82% 

96% 

“ 2 % 

81% 

91 

50 

80 


58% 

80*4 

28*’ 

107 

87 

1101 

102 

102 *; 

79% 

£3% 

89% 

qOi-. 

90% 

62 *; 

62 

73% 

08 


Am.9gt 75-78 

!>} »aic7r-80_— — 

Do. 5*3*51-82 

NZ4pc 75-78- 

Data! TWO 

Do.7%pc'8M6 

|S£h- Africa 9 * 3 * 7ML 
Slh. Rhod.2%|K Va-TO . 


100 % 

sr- 

. 54 
82 


+A 


Do6pc7B-8! 

LOANS 

Public Board and Ind. 


A?ric Mt. 5pc '59-89 

Alcan IQ'jpcUSMM 

Met Wlr. ape 'B' 

li.SUjr.Spc 1982. 

Do. uathoul Warranls.. 


F inandal 


61 

82% 

29 

137 

.90% 


+% 


+1 


555 

5.89 

6.69 

4.09 

648 

9J8 

1024 


824 
13 09 
10.79 
657 
1023 


1050 

1053 

11.53 

10.02 

1191 

10.03 

1219 


1136 


1350 

1249 

1290 


mnpcMBi. 

Dml4pc79 

IM. 14pc '83 

lICFTSzpeDeb TO«. 

Da6*4pcDb 1141 

Dn. KH 2 pcUiu.Ln.fl 5 .. 

Do lln.'1-ns.Ui 88 . 

Do II^pcUu&LilVU.. 
Do 7%pc.\Deb. - 89-tC-. 
Do 7%pcA Db-Vl-W — 

Do9w-,V31-W 

DaSpcLo.’S197 


202 %xd 

104i 2 

106*2 

S 

93 

93 

95% 

65 

65 

69 7 $ 


+% 

12.65 


13.83 

+ 1 - 

1331 

+*4 

b.84 


8.30 


11 3b 


1L91 

+*4 

12.42 

+ *4 

U.40 

+ % 

1166 


12.31 

+% 

1295 


46 

£123 

83 


FOREIGN BONDS & RAILS 


143 

ITicfi Los 


24 

.an 

03 
415 
SA 
: 51 
.44 


17 

33 

*33 

1550 

46 

46 

40 


Slock 

Anlofauasla Rl;. - — 

Do. ope Prei 

Chilean Mixed 

German You. 4 %ik. 
Greek Tpc.Xss. 
!m 6 pelSSah 
Du4pc UuedAss.. 


Price 

£ 

24 
40 
98 nl 
410 
54 
. 51 
43 


Dir. G 
Grass 


1168 
13J0 
1263 
U05 _ 
1200^24 
1190^- 
1230 
1260 
1290 
1280 

13.00 1 121 , 
13.70 |i%- 

, 50 

"8 
123 
260 
217 
100 

215 
52 


Red. 

Yield 


0.10 

1648. 

re.oo 

(4.65 



Stock 

iHnnfMAsr; 

.Iceland 6 *«k - 8388 
Ireland 7%pc '81-83 

DoWukVIW 

Japan 4pc_T0Ass_ 

Do 6 pcKH»_ 

.PenrAsxlpe 

feGLS»cl90(L_ 

mninSpc 1591 

{Turin 6*i«I9»-_ 
fUrwaayji^c 


Price 

£ 

55 
65 
83 
83 
390 
69«d 
140 
75 


DM91 
97 


Die. n\ 
Gtvk | 

4% 

ft 

6 

3 

6 *’ 

3% 


Sed. 

Yield 

5.00 

12.60 

1224 

1271 

1105 

2.16 

8.67 

952 

10.70 

380 


U.S. $ Sc DM prices exclude inv. $ premium 


AMERICANS 


1 OT 

Hi£h Lnr 


Stock 

ASA 

AMFWCoir/.Vi„ 

AosnSl 

American Express. 

Amer. Uedic. u( 

Aarcolnc 

Baker Inlnl. Corn. SI J 


B Rnwn'gFerclSj. 
uaackLkttpiUL 
cushsComS 

S230 

:.j%- 


ptflpiflam. 
(CtEUe mitn5UL5_ 

ChesebitnifibSl— . 
tonyslerS 8 % 
(Citicorp S4 


705pR. U. 


385i 


38 5p 

m 


titylnx.SLS 

Do.CjaW.BSl_ 
Colnale-P.SL. 

Coltlnds.51 

CwjLfllimusSU)— 

CdnLiJKiSa 

Crown ZelLSS 

Cutler-Hamnier$5. 

Eaton CTp. SO 50 

jF-gnar t- „ . „ r .. 

(Exxon B 

Firestone Tire D_ 

First Chicago 

Fluor Co rp.S% 

Ford Motors; 

GATS 

Gen. Elector. 

QiletteSl 

Honeywell SL5Q_ 
Hutton F F 


(LRM.Corp.55_ 
»U-RS2. 


IngersoU 
WL &stems & Con. 51 


Kaiser -\L 5*i— 
Had. Haa DSS750 
boi^aniJFiUSS£5 
[Norton Summ Inc. SL 
bwens-mS3J25— 
(Quaker Oats DS55- 
iReliaocc S0J5 

teep.NT.Corp. 55- 

iR^^-MrrlijTC 

Saul 1 R F.iSL 

Shell OU 51 

SingcrtSlOi 


Sperry Rand S05Q- 

rHWliic.Sl% 

Tenneco 


Do m%L Sit 91 -S3 
) Tesora Ft. DSSD16^_4 

1 Texaco 56^5 

, __ j lime Inc. 

865p TransaniencaSl 

‘ Utd.Tech.SUSS— 

. U5.StedS1 

11*2 WootworthsC*; 

28% Xerox Corp. SI — 

Xcmicslnc. 10c 

Zapata Corp. 23c— 


+ to} Mt. ' YTd 
— | Gres? Cvr GFs 


*'4 

+12 

3 

llii' 

I 


-25 

-% 


80c 


5% 


SL75 

„ 

$140 


30c 


40c 


64c 


90e 


5228 


SLOO 


40c 



70c 


5L0D 


52.40 

£50 

— 

SL80 

_ 

$220 

— 

94e 


Si 01) 


51.06 


SLOO 



57 

_ 

SLOO 


S3J5 

_ 

S132 



SL40 


SL90 


♦S1.4£ 



5225 



51.84 


£320 

— * 

51.10 



SLID 



SL20 



5320 



S250 



£220 


SL60 



S220 



50.68 


51L52 



S3.00 



25c 



90c 


5L60 



S208 



S220 


76c 



5106 


SL04 

■ 

15c 


SLOO 


88c 



90c 

— 

hsTfiO 


60c 



SI 12 



SL80 

MB 

$200 



10% 

— 

5200 

“ 

S1.50 



80c 



5200 



SL60 



5L40 



5200 


M 



24 

14 
28 
0.8 
20 

15 
29 

4.4 
3.1 
22 

3.4 
LO 

32 

3.7 

23 

5.0 
29 
6.6 

3.4 

4.8 
60 

3.6 

5.9 

33 

4.0 

4.4 
L 8 
42 

4.6 
52 
60 

3.6 

25 

5.1 
67 
31 

3.9 

26 

3.1 
27 

3.8 
07 

5.6 

3.6 

4.4 

I 

24 
.3.5 
26 

37 

23 

1.9 

3.4 

4.7 
f6.7 

5^7 

26 

3.6 

33 

42 

5.4 
26 
0.6 
13 


SJEL List Premium 48% dosed on US8L9268 per £) 
Conversion factor 0R788 < 0.66891 


CANADIAN 


% 

a 

1 


16 


15% 

830p 

28% 

74p 

25 

II 

13% 


ft 

825p 
14 

955p 

5S 

315p 
16^ 

11*4 
24^ 

U*? 

945p __ 

585pual.NaUjasSl. 


BtMmtrealEt 

BLNonScoL. — 
BeUCanadaSS— 

BowValleylL— - 

Bnsconfl _ — 

CajLlmpBk.52 

CaiLPacdicSS 

Do 4pcPeb.£lOO, 

|GulIOilCaaH 

Hawker Sid. CanJi_ 
HoIlracerS3_-— 
Hudson's Baj- 1 |.„ 
RudROi!G.S3;_ 
Imperial CJMiiil._ — _ 
Inro 


610p 
21 % 
50p 
15 
14 ft 


Massey FerfiJI 

iPaaficPet-Sl — _ 
iPIaceGasSl— 

iRioAlfiom 

Royal BtCaa G— 
_ I SeagranCo.Ca._ 

955p (Tor.Dora Bfc SI 

880p|TransCaaRpe-_ 



SL08 

5150 

92c 

80c 

103c 


32 

2.9 

5.0 
03 

4.9 

3.4 

33 
125 

27 

3.6 

3.5 
20 
24 

3.1 
3.0 

4.7 

L5 

21 

3.0 

£ 

43 


1978 

High LOW 

56 
90 
1242 
, 42 
105 


74 

114 

297 
50% 
134 
*390 
£92 
£95% 

235 

81 

298 
445 
255 
'92 
427 

S9 

356- 

48 

£24 

70 


1330 

£78 

;¥■ 

1172 

66 

250 

350 

190 

70 

|37B 

8*4 

1290 

32 

£15*4 

60 


Stock 

Rn'iShayMp. 
Kkirw«rtB.L 
Lloyds £1— .. 
MawonFla20p. 
Mercury Set 
HinlaodLi. 

Da TV 
Da 10%To 93-38. 
Minster .%srts_ 
NaLBLAnsUAl. 

NaLComfirp 

NaLWesL£l 

SchrndmEI — 
SerromljeMC£I. 

Smith St.Anh 

Sand'd Chart £1. 
(Trade Dec. SL50. 
il'nimliiscEl— 

L'.DT. 

IWeilsFansSS- 
V.lmnistajp — 


41% 

£61% 

8 

in 

43 

14 

104 

4B§ 


.31% 

“V 

35 

30 

8 

85 

23 

10*2 

38 


tekB’iTeFrJIlO. 

[Credit Date 1 

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FINANCIAL TIMES 

BRACKEN HOUSE,' 10, CANNON STREET, LONDON EC4P 4BT 
Teles: Editorial 886341/2, 883897. Advertisements: 885633. Telegrams: Fmantimo, London PS4. 

Telephone: 01-248. SOM. 

For Shane Index and Business News Summary in London, Birmingham, 

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INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

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Telex 8869SC* Tel: 210009 
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Telex 23280 Tel: 512-9037 
Cairn: PO. Bos 2040. 

Tel: 908510 

Dahlia: 8 Fiinrilliam Square. 

Telex 5414 Tel: 78&301 
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Telex: 4IB263 Tel: 556730 
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Telex 12533 Tel: 382 508 
Miirlnd- pro need a 32, Madrid 3. 

Tel: 441 fan 


Manchester Queen's House. Queen Street 
Telex 088813 Tel: 061-834 9381 

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Telex 7900 Tel: 294 3748 

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Telex 68390 TeL v212i 541 462S 
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Tel: 253 4848 

Rome: Via della Herccrie 55. 

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Telex 17803 Tel: 50 60 88 
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Telex 212634 Tel: 682698 
Tokyo; 3th Floor. Nihon Keizal Shimbuu. 

Building. l-B-5 Otemachi. Chiyoda-kn. 

Tele* j 27104 Tel: 241 2920 
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NW.. Wa>hsnjttun DC. 20004 
Telex 440225 Teh i 202 j 347 8678 


ADVERTISEMENT OFFICES 

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Telex 333650 Tel- 021-454 0922 
Edinburgh 37 George SrrecL 
Telex 72+84 Teh 031-226 4139 
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Telex 16363 Tel: 5o46S7 , 

X/redx: Permanent House, The Hcadrow. 
Teh 0532 454969 


Manchester Queen's House, Queen Street 
Telex 066013 Tel: 061-834 9381 
New York; 7Ti Rockefeller Plaza. N.Y. 10019 
Telex 423028 Tel: (232} 489 8300 
36 i Rue du SerOier. 75002. 

Telex 220044 Teh ffl6L86j31 
Tokyo: Rasahara Building. 1^-10 Uchikanda, 
Quyoda-ku. Telex 4 27104 Tel: 295 4050 


Overseas advertisement representatives in 
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For further details, please contact 
Overseas Advertisement Department. 

Financial Times. Bracken House, 10, Cannon^ Street, London EC4P 4BY 

1 ~~ ■■■ 

SUBSCRIPTIONS 


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U4 

t21 

268 

L50 

# 




as 

1L83 


M.’l 

i 102 

li 3:S 


a 


— - 8.0 

L4}10.6 
9.5 
8^ 


8fi 


ir 

IV f 5 

9.2 2.8 
41 8.0 
3.7 103 


5.1 6.1 

8.7185 
4 0 6.9 
, 9.8 76.3 

19.8 - 

6.2 « ■ 

3.8 8 4 
29 10.6 
61 7.8 

8.9 * 

20 - 

7.9 <9 7) 
6.1 13.0 
6.0 * 
6.61187) 
51 7.1 
4Jb 82 
22 47 


:SS 

■ 

dm 


rAf-^'o 50 '^. 




23 > 







XNBUSTRIAL5--Contmoed 

liW I Stoek ) Prire | + -“] £t |r»r|Ss 

nrtinSp. 

Ray iNwiesn’ 1 
Hsy-jWarTEJ 
HfimorthCnw., 

Hestair 
.iBU.tSp 

BBBSatff: _ 

Bal"Wo2Pp_ 30 
HolttaUAi™_ 63 

Hq!U»Bkk 65d 

LkflJInUOp. 155 
HooWA 1 ■*“* 
fldriion 


■*-. INSURANCE 


t«n 1 

Bis* Im 


120 197 iBawritgiC T) 


»Mswa 


76 

§2 

53 


*■ 


110 
32 
364 
£141. 
150 
148 
23 

£116 
164 
220 
230 
343 
282 

ttgRotriunM 19«|| 


PROPER! Y — Continued 

w I Steel [ Frias i + -*1 Si JCir]! 


INV. TRUSTS— Continned FINANCE, LAND-Continued 


’ K'f -x r •••> ? ~ ~ 


ms I 

*0*6 In 1 Steel 

328 1230 ItanyTTopwl 
39 I 25 literearwrai 


Forties lDp.l 


5 8 

a s 

6 75 

■% s, 


92 77 

HB 158 
* 17 




MOTORS, AIRCRAFT TRADES 

' Motors and Cycles 


— i — i — i _ 

i: 


(rntyTrepw!* 

Hterearopran I dp 
Jerrarn invest 

Lanrilnteu 

Land S««. 50b _ 

37. 

Pa ®T star.. Ki . 
I'O lOV'cmt "85 

ljwLand2£m 

Lend Lease Sk .. 

LonProvShplOp 
Lon. Shop Prop.. 
LrotcoadgsaTp 

WEPC 

MarlerEstales._ 
SdtaerneylOp— 
McKay Set*. Sip. 

IQdbmst Wh. 10p^ 

Mmrcltiew 5p 

MackSfiVtAiJ.l 

Vohm 

Peachey 

Prop.HldR t lav. 
Prop. Pan'ship_ 
Prop, fc Rev. ‘V.. 
Prop. See InvJUp 
Raglan Prop 5p.. 

Kee alias 

Regional Prop _ 

Do. ‘A 1 

Sasf| & Tempt ns 
Samuel Props... 

Scot JJrtrop. 20p 
Second City lOp. 

Siocgh Esls 

I DalVtCttrr.lU 
SsockConrasa.. 

SnnleriBiJar 

Swire Propwtief 
Town Centre .... 
Town A City 10p_ 
rrafferfFark_ 

l ; Ji. Property 

I'td Real Prop _ 
Warner Estate—. 
Warn ford Iav.!0p_ 

Wehb'Jo&iSp 

Winmaef P 3Jp. 
W inarm .Km. . 


-rlD hi 6 10| 

-1 «U - 

+4 1.60 111 

+% 160 67 1.2 

532 IS 

*1 Q5*6®« 5.71 
.. OfcVi 57 
-1 lilOli 5.7 
-1 10 I 

-4 Q25% 1 
t3 4081 
+1 T3.00 
...... tS2B 

T1.7 

*1 ft_ 

-1 22,0 

tWl b 

. +1 — ■ 
...... L32 6 

-3 (0222 2. 

2.0 0 

12.00 ■ 

-4 654 
+2 1.76 
-1 5.15 

-1 f 1 88 

r -it — 

gi.o^ 

81.0 

*2 d2.87 

+1 td21 
+2 0.94 1 

■ +1 tl-73 1. 

2.27 1. 

010% 13. 

-2 b2.0 2 

+2 3.95 • 

1 ;i ffl* 

I ~% 0.01 

t3.fi 5 

+1, 033 
...... 537 

+2 t 2.66 

+2 695 
hd0 48 


CrtlW 
07|20U 


fflgb Lrr 


1 + ori wt iru 

Prire | — | .Vet CnjGr's 


»T Is. lcc.il 


67% 

143 

556 ........ 

60 +1 +2 35 
28% .. . .|1.82 
111 1 


SHIPBUILDERS, REPAIRERS 


30 24 

45 38% 

4 3U 

66 56 

22b 200 
164 140 

199 172 
136 106 
151 123 
45% 27 
199 155 
65 60 

228 163 
65 55 

135 86*a 

232 194 
96*2 
60 


64-2 - • 

140 6.86 1.81 7 4)116 

177 tZ 4 65 4.5] 4.0! 65 

270 (4.61 4.7] Ztii 9.0 


teh-O—l 
Creep JOa 1 


SHIPPING 


305 252 Brit. 6 Cent Mp. 280 -*-6 9 26 

20 0 112 r<MUHM6iu5dp. 2 14 +2 5.81 

160 • 11 2 Fisher 160 .... 133 

206 Furness With, U 243 -1 817 

107 HtuUinKGibsn.il- 107 -3 5 09 

33 Jacobs (1 Li 20p_ 33*; dl.85 

25 Lon.O’Seas.Fita- 27% — 

107 Lyle Shipping 107 4.90 

200 3W Uner s 2to. 220 5.10 

12*2 MersevDk. Units 241* +>4 

66 lliltord Docks £L 74 268 

104 Ocran Transport 108 *1% 875 

85% P.fiO.DeM.£i_ 86% -% 6.54 

60 Heard™ Sbl50p 60 . — *1.6* 

30i ? Da 'A' SOp 30% ±164 

71 Bandana (W.i— 71 ...... 836 


rsi 


kSpnrerlOp 


E91 Qce Finance Cv- £98 
88 OCice&Elect— lU 

82 ObexaOp 99 

19 OoefifSoselZliC- M 

M RUAWnMloetl- 37 
Porter Knoll ' A', 108 

IDO Pais A While*— H9 

32 Peerage tOp-. — 62 


TW 5 

*19 14 


£76 
.43 30 


71*’ 

# 

S3 
■263 
490 
•327 

146 
85 
270 
48 
146 
. 6b 

48 36 

.47*2 32 
52 40 

30 
197 
■ 60 
17 
■156 

m 

•275 
32 
' 84 
114 
£69% 

91 
36 
123 
40 

126*4 
122k 
121% 

12W? 

122 
2W 
8b 
45 

2i ai 
103 70 

•122 95% 

72 571? 

176 139 , _ 

57 48 iSnbcLwMp. 

• 34 26*2 

300 199 ISothefayPiL 
98 
195 
132 


26 
23 

86 57 

1P1 85 

16% 21% 
?l»j 25 
58 33% 

£15% 

369 


7| 

anwo«U«>5pl * 


VinmiOp- 


WjbMiILKlWe 


SHOES AND LEATHER 


22 16% 
65 52 

67 56 

104 93 


73 47 

42 36 

50% 38 
50 40 

56 46% 

40 33 

54 
42 
18% 
66% 
32% 24 


AQebanelOpfc 
(Intoli. 
Fort nor Inra 
ICaruar Seolblau 
iHeadtanSunsSp 
BihonsIOp 

Iv Shoes 1 

Umb0tSlh.2Op- 

Nit. bold fc Bert'n I 

ilner <G)*A* 
PHtvdGif. 

ndA5iaTA 
Strong tTuier 

(Wo Shoes 

nmerW&EWp 
aid White 

earralOp 


& * 

57 

96 ... . 

52 .... 

96 >3 

71 

41 ...... 

501, .. . 
48 +2 

53 

39 +1 
57 +1 

g* 

93 +2 
29ri 


StWdrol&p 


675 
5.0 
2.55 
1 3.8 

1, Zh 
t 2.45 
1 677 
561 
b9.90 
blffi 
0.85 

3.85 

2.85 
T3.77 


iw : 

High Low [ 


50 1 17 KL'snrfca»*S'>p- 

I’aarroTr'i-n . 

Jljxctunlf" ip- 
HaaPar.i S 


1* nr| Dir 1 

. ( ! Art ;i 

| I - * 

I tJ.M 1 


Ctrl bra] P/E 1 




_ $rr / errva ttan iZ'£ l5i 


•. A 1 


tnanrur. 


4.3 921 35 


j.i- 




tf4.0 1 

.... fOV, 
-QIZDe 1 

10 

1 65 

. .. 0-3 . 

. .. 0 5 

H.25 

3.46 

0.68 

. ... *5-98 
QS1J6 

^i" 1.43“ 

~3 631 
-IV 09 4°, 
.. .. 0.48 

3.02 

*1 Q425 
14-91 

! # 

-% TIM 
-1 si 80 


2 2 1 9 27 J 
3.1 7 9 5 7 
* 81 0 
19.0 2J 31 
15 114 104 
4 1 ri * 

47 29 98 
4J 1.4 13.0 
37 ».4 87 
2.4 15 388 
,11 i 7.6 
i - 67 - 


3 6 4 b 7.3 
35 4.5 96 1K1I 

1.0 61I2I2 Hitt t** 

17 IS 1,6 210 155 

— 6 3 ~ 24 15 

2.1326, 63 © 52 

- 7, 91 jg 122 

r. ~ 90 78 

1 61 if jl "2 

3 2121 0 11 1 tai, 10 
37 3 8107 1 * 

I 3.8 4 0 9.2 


SECURITIES 




•vr’*-' 


MINES— Continued 
CENTRAL AFRICAN lrM 

I I |- nr) Dh. 1 fa 

j stwli j Prire I - I Vrt Irnjr.ra 

|Fji-»n Rfc =0.- \ 173 1-7 IU50C | 1312* 7 

liihnfni'icp li^ip.l 17 l-l ) 0 I 


KaJi-n ftfc =fl.- ^ 

iihnfai'icp Ii^iR- 

K.oi.''«i- 5i4 
7jr-uin.iLa5iip .. 
fi.i Vref fflp 
'.Vjniiie 1 -'I ith I . 
.’acitTr il-lvJi . 


1 1- WSli 

j;J. I'^H i 4 ! 1 ! 3 


• 15 10 

t 132 64 

- _ _ - 125 63 

'.'... 674 1 S 67 14.6 

+2 2210 4! JB 94 

5.6% 510913.9 - « *1 

::::: ^ ~ ^ f Q 

J*8 To 

sm&. w it w* % 

+2' 100 Bt 1212.® ^ 

Dl_ ? 05 ♦ ™ 1” 

+U 034% ~ rJ49 - 7 h 
^15 _ _ _ — -*0 12 

II 341 110 

H 2.11 30 1.4 317 5OT 50 

:i = - = " 9S 35 


van*. 2* 5 6 79 

*2 15.7"' 41 T2 51 
+% 4.9*. 1U2 13 j ~ 


AUSTRALIAN 


act.i.'v . 
litMClmt-in SuTuea 
UHsunihaiu 
fcnLroi rarifu' 

1 00:10c UiC.ir.li’ '■‘X 
G V] FulCimrlicSL 
HaonuualdN L 
Dam pin Am. ip _ 

Metals tv iOr . . 
M1.M Hkic .'Or. 
■Jfiuni lied 25e.._ 
Ninsnieial !tn 
MnnrtB HiUMk.- 

MLKulrtrl, 

Vrh H'tsi Jlmnu' . 

■ '.ikbroU 1 - rt! . 
Pjciih-i t-aji-r 

fnrn-Ultx 
fu-'inga J!iF\ ;.p 

I'ehiHVi'aUM'nd'j'jc 

Spurhero PjciIi.' - 
Wi"-1n Minin. Sue 

H'b im i iL-ct J1J1 _ - 


14 i 

123 -5 


1C9 -2 
550 


29% ->■ 

202 ~i 

29 -1 
4 -l; 

122 -2 
13'. 

32 r- 


villk 22 2 5 


TINS 


...... Q4%% - IBS - 

132 5 b( 11161 


.. j .. (y!5V - 5.0 — 


32 5 Bl 11166 

7S 24.51 6« - 


lS traders 


116 80 
610 420 
130 83 

82% 28 
97 62 

145 95 

125 92 

450 288 
102 35 

165 130 
»? 83% 58 
Ti 600 445 
?! “ 
33 


55 46 
! 78 55 
222 1 78 
125 


5.81 3.9 

4.02 15 

2.87 Z4 
237 * 

d4.90 33 
6.42 13 

18 . i! 

129 2.4 

33 


26 66 8.9 

2.4 8.4 76 
16133 72 
50 53 60 
43 3.7 M2 
23 9.1 7.1 

♦ 33 * 
52 27 9.8 
26 1.0 568 
33 63 67 

3.4 3.J 913 

* 52 * 


SOUTH AFRICANS 

Aberc tan ROJO— 100 -10 *Q29c 

AnglaAm.lfl.Hl 560 Q63c 

Aag TVsIikLSOc 220 030c 

Edworts 20c - — 75 ...._ Q6c 

&aSdFkk.P.2%c 82 08c 

GrtmBBA'SOc- 125 *Q36c 

BuletfsCpn-Bl- 93 ....- Q28c 

OKBazaa»50c.. 430 Q58c 

PnmrnselOcls... 73 (dflOrc 
telMn vlOi ltt ...... dOc 

SA Brew*. 20c — 7B -% Qllc 

Tiger OrtaRl — 580 &2c 

Umsec 65 ..... QUPjC 


TEXTILES 

Textile 153 |-*-l 
Bret. — | 51 


orelnv.lnc.10p 


48 tmuapret — ■ 
53 BaHesUjlDp 
64 Beckman A. lOp 
20 Blackwood Kart 
28 Band St. Fab. lOp 
28 Bright Uc^dj 
4% BrigrayGrpSp. 
10 BriLB ih uoa — 
35% Brit Mohair 


jCmrdlDtmdeei. 
CarpetsInL 


29 . 
62 
41 

» » 55 

6 68 54 

93 UD 93 

46 48 39 

6 25 15 

13.0 |2 65 

74 77 46 

73 63 50 

6.9 25 18 

7.1 22 12 

6.1 129 111 

* 55 43 

<6 70 55 

6b 76 63 

5.9 U.7 103 

63 51 40 

93 68- 61 

8J £30% 06% 
83 81 64 


29 

65 1 101*2 01 

: 4.7 108 78 

[ 83 210 1M 

83 76 65% 

43 72 48 

n.7 67 49 

66 58 30 

62 230 186 

681*92 I 7?% 


383 
3. IB I 3JJ| 9.1 
d3Be 331 7. 
33 * J 9, 


3.92 * 

h253 3J 
327 4. 

IM 3i 


73 
60 

390 (250 
146 95 

£66 £49 
550 325 
92% 66 
445 350 
30 21 

19 9 (Jamaica Sugar 

78 55 

49 40% 

275 220 
17 68 

235 170 
225 165 
54 27 

A a 

240 175 
60 40 

£94 £87 

73 Ti 


280 

116 

149 +1 

53 4l 

54 -6 
355 *8 

146 

£62% 

550 

92% ..... 

405 

26 

13 ... . 

63 +3 

41 

240 .. .. 
93 -1 
383 -2 

MB 

28 -2 

5% 

Ill +Z 
240 +3 
56 ..... 
£93 

64 -1 
63 -2 


h3.52 190 1.9 2.8 
033c 13 19 49.4 
tn433 4.6 42 5.6 
6 2 2.217.8(7.31 

1.50 ft 42 p 
U5.0 ft 6.4 ft 
fa436 33 4.5 9.0 
012% 2.4 1.9 216 
T2L7B 22 6 010.7 
4 26 21 7 0 84 

tU.O 3.2 5.6 99 
20.66 63 - 4.2 

655 23 lla i32i 

3 4 1.712.6i57i 

132 ft 86 ft 
2.68 2.9 4.7 84 

f7.7 75 64 32 

817 15 6.4 32 

5* .43 13 t SO 


33 2.4 266 
4.4 4.1 61 
2.7 8.4(52) 
18.0 iB.7 - 
U.0 LJ 7.B 
3L2 12.9 - 


24 A ami y-ixna 
24D AjcrllilamSMI .. . 

45 SiTjl.tin 

200 BerjunuuUtl - 

111 Goowr 

8>; Gold 4 PlHCl2I;p 
220 lilip’SSlllflA . .. 
150 Hnopknos . — 

78 Idnr lOp 

9 JantarJli’p - -- 

68 K.nmintingSVOAl 
450 KiUinglull . 

2B0 BJarlircdeuKSVl 
40 APjhaiig - . 
50 Penakaienlftp - • 
165 PrtdingSMl . 

49 SaiaiPiran . . 
47 South rmllr 10(1 
140 SculhKinuSMP-'iO 
230 Film Malayan SVl 
134 SungnbtfiSUI 
55 Supreme t'OTp SMI 
85 ran]onc]5[<. . - 
74 Tongkim Hrlir SMI 
148 Trench SMI 


t79c 17 2 3 


»J8c 15j 40 
•Qllc 19| 4 l 

|q15c j 4 oj 17 

iQbc 1 14 i 


12 51 • 16;i5 9 
0 9 i 
3 ’5 4 4 11.5 

QUO. SI 
Ii4 51 1 34 5 1 


I Jl’O 1 6j t 
!:ub or 44 


b 5 

-5 njsoc 

-1 cl 99 


: 14 b re or 4 4 

.. 1)125 ft 2o 7 

tQ95c GBl 5 1 
. tQJJic 0 5! J 
. bS 1317 0 
5 tQSOc 16 80 
1 cl 99 4 V 5b 

1 4i3 ?.5 i:j 

. twTTi- 1.3 a 2 

.. rUL’l.V U 91 
Qo5c ft I bb 
.. ZsJlOc -J 28 
b 5 0 Sll = 

.. . rJitcT. 1 6. i 
ZQ83c 16) 85 


COPPER 

| 70 iMrsMiwHOjl*-.. [ 88 |-2 JiQ30c( 19[ i 

MISCELLANEOUS 

35 Ran ram . . 53-1 — — — 

9 Burma Mines 17i,p M — — — 

220 Coa*Vitrrh 10c.. 220 -10 iQjOc 2.6 t 

245 Nimhgateill .. . 375 -25 — - - 

164 R.T2 222 -2 9 5 ZS 65 

30 Sabina lndr. CSl .. 59+1 — - - , 

750 TnniEirtn.i! 819 -56 — — — ( 

43 TrtmfrMraeralriOp 45 1.33 ft 4 5 

120 Yukon Cuds. (31-.- 166 -2 «7c 2.9) 2.0 


AND SISALS 

./ 1+ oj bit. j" jru 

I Wee I - I Net |CVr|6r’t 

95xd +1 275 4.71 4.4 

127 +7 3J 15 42 

57 -l" 17 
245 -5 S2.8 IS 1.7 

43*2 -1% 6138 12 4.8 
431a -% hQ3.0 1210.4 
10 0.55 ft 83 

373 +10 15.0 id 6.1 

118 +1 414.0 --I 5.1 


122 -1 

79 

57 

160 

77 _.... 

■» :::::: 

70 


EAS 

i Bangladesh 


ejpfSASDSj 


FHrtandlar, 
Prog. Set Im. 


IBB +3*2 

72 39 

£146 ^8 

21 116 89 
M 54 I 45% 
12 1*1 % 


«2 1 44*2 l&actbup 


9-81193 I 87 


33 
0.68 
133 
M3. 81 
td4.0 
12.87 

117 [-1 {322 
173 1+2 6.18 
262 +4 6.81 


Investnwat Trusts 


L5KU 
4.0 (203 
20 ft 

173 % 1-3 | Q36e | ft I 2 . 6 } ft | 7 ? 


Plants lUp- 


+97 
107 
74% 

83 
204 
100 

•a 

90 

196% 

430 

135 1+1 
79 +% 
118 +1 

^ 1 
105xd 
1 * 2 % 


NOTES 

tifllere ockenriar Jodinuni. price* and ert arc lb 

pence and demmuuuhnw are Sip. Endmaled pricefeanilafa 
relies Bodroren are taned 00 late« annual reports and accmisia 
and. where peuiMe. are updated «n haU-yrarljr figure*. WE* ar* 
ertculmed on (he bade at net Afliihatkm; hrockrted Jlcnreu 
Indicate 10 per cent n- mere difference (f calculated on “nil" 
dbicrllmUim. Cerere are baaed an ■■reaxl nM aT ttuarthodon. 
Yields are baaed an mlddlr price*, are area*, ndfuted to ACT ef 
34 per cent, and anew for value of declared dtmribotiai* and! 
rights. Sccnrithrs *rilh draonduatlau* «her than stcrUng are 
quoted indnstre af the Iniestmcut daUar prendum. 

& Sterling denominated sccuriUcs which include inreatmeM 
dollar premium. 

■ "Tbo“ Stuck. 

* His tin and Low* marked inns have been adjusted to numr, 
for rights issues I nr rarh. 

t Interim wnre increased or resumed 
i Interim since reduced, passed or deferred. 
tt Tax-tree ID mHi-rrsidcnU nn applicoUan. 
ft Figures or report awaited. 

It Unlisted security. 
r Price at lime of nKpnsm. 

f indicated diifdcnd alter penctinp scrip anti nr nrhts issue: 

rover relates to prcrious dividends <ir forecasts, 
ft Merger bid or reorganisation in progress, 
t Nat comparable. 

* Same interim, reduced final and or reduced comlnfia 
indicated. 

f Formnst iliiidcnd. cover on corning* updated by latest 
interim sutnnent 

i Cover allows for rotivcrsioo of share* not now ranking far 
dividends or ran tine on!v far real noted dividend. 

X Curcr does not allow tor share* which may al» rank lor 
dividend at a future date. No I' E ratio usually provided, 
ft Excluding n final dividend itcclurouoa. 
ft Regional pricis. 

|1 No par value 

a Tax free, b Figures based on prnspoetu* or other official 
estimate e Chid: d Dividend rate paid or payable im port 
of cnpltal: cover based an dividend on full caiwuu. 
e Redemption yield, f Hat yield « Assumed dividend and 
yield, b Assumed dnidrnil and .virid after senp is^uc. 

J Payment from capilol Miurrvs. k Kenya m interim higher 
than proviouw total, n Right* i.ssuc pending q Famine* 
based on |weliiiiiniiu> llgurcs. ■ r>:* idcnd and yield exclude a 
special pay mem. 1 Indiraird dividend cover relates ID 
previous dividend. PE ratio based on latest annual 
earning* u Forec as! dividend: cm cr based on prenoas year's 
earnings. » Tax tree up 10 30p in the C. w Yield allows (or 
currency clause y Otvidcod and yicl<tbo*ed on merger term*. 

1 Dividend and yield Include a special payment: Cover doe* not 
apply la special payment. A Net dividend and yield. B 
Prricrence dividend passed nr deterred. C Canadian. E Inna 
price. F Dividend and field based on prospectus or other 
official estimate* for tVHMIO r. Assurant dividend and yield 
after pending .scrip and 'or ngbiv issue. B 1’indend and yield 
based on prospexiwv or other official esinales lor 
1378-73 K Ficuna bused tin prosperin' or other official 
nJtroatcs tor 1078 B Dividend and yield bawd on prospectus 
or ether official estimates for IP18 S Dividend and yield, 
based on pro*prctu« cr other official estimates for 1919 P 
Ffpires based on pr tnperfiu rr other official estimates for 
1978-19. Q (imt T Figure* asiummi. 1 Dividend total to- 
dale, ff Yield bx^cd on assumplipn Treasury Bill Kale ways 
unchanged until maturity of stuck. 

Ahbroviatiooa- dr* dividend, c. ex ■Krip issue; =■ ex rights; a ex 
all. ft ex capital distribution. 


u Recent Issues " and “ Rights " Page 23 


This service Is available to every Corapaay dealt in on 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


0.07 - 

7j9 II 
g!5 II 


100 
£L9% 

321 
421 
134 

cm 

875 
914 
200 

325 1190 |WeJtam50c 

£21% [£23% [ff JUoldlufis 5flc — 


finance, Land, etc. 


FINANCE. 

600 1-5 


tt 

5.6 

8.61 Industriala 
II A. Brew • - 
fJlA.P.Ccnwni 


AND PLATINUM 


-% Q600e| 131 87 


7 
11 
34 
17 
IB 
40 
9 
20 
38 
22 

Hs«vfcerS/dd..[ 20 


Sr 

9 
13 

25 Ladhrakc. . . 
35 Legal Sc Gen 
15 Lex Sere iwr. 

26 L/oyds Bank 

» 

6 
20 
12 
5 

10 

8 JAlrks. 4 Spncr 
15 I Midland Bank 


nnfVAur * iiuu .. At * ■ ijimiu .. _ . a 

Home □! Fraser. 1 12 [Truil Housev.l IS 

A (plwtion of Dpt ion-: tradetl is given on 
Loadon Stock tiebancu Report pace 







































































































































































26 


-\ 


VALUERS 

TOINDUSTRY 


BERNARD THQRPH 


LONDON. SW1 TEL: 01-834 6890 


FINANCIAL TIMES 



Wednesday July 26 1978 


4300 43A 

LLOVOS grade a 



ROBERT SNBTHASQ 
TEL:051 64742SB 1 

TELEX; 627345 


■ 

\ 


■n 

i: 

Hi 

1:1 

»» 

im 

j 

m: 


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Canadian 

transfer 

surprises 

market 


BY ERIC SHORT 

THE EEC's largest mutual life 
company. Standard Life Assur- 
ance, is to transfer its Canadian 
business to manufacturers Life 
Insurance in a deal involving 
CSl.Sbn (£690m) assets. Stan- 
dard Life will, however, receive 
no payment from the Canadian 
company. 

The move ends ISO years of 
Standard Life in Canada, and has 
taken the market by surprise, 
despite problems known to be 
facing some life companies 
operating. in Quebec. Standard 
Life was based in Montreal. 

Mr. David Donald, general 
manager and company actuary, 
said yesterday that difficulties 
arising from Quebec law were 
-only one of the reasons Standard 
Life was quitting Canada. 

The Canadian business port- 
folio was out of balance follow- 
ing a rapid expansion of com- 
pany pension business. An ex- 
pansion of the individual life 
business to correct this had 
proved difficult, said Mr. Donald. 

He pointed out that the variety 
or regulation governing life 
assurance operations in different 
countries had made it difficult 
for the company to maintain 


ULTRAMAR. the London-based 
oil group, is negotiating to 
buy Shell subsidiary Canadian 
Fuel Marketers at an estimated 
cost of £25m to £50m. The deal 
will be subject to the agree- 
ment of the Treasury, the 
Bank of England and the 
Canadian Foreign Investment 
Review Agency. Page 16 


equity between its policyholders. 
There was a real possibility of 
UK policyholders subsidising 
Canadian business or business in 
Canada being cut back. The 
approach from Manufacturers 
Life was “ a miracle.” he claimed 
because it offered tbe ideal 
solution tD the problems. 

Manufacturers Life. has 
recently expanded its business 
outside Canada and was seeking 
means of reinforcing its home 
operations particularly in 
Quebec, where its coverage is 
weak. Under the terms of 
transfer. Standard Life policy- 
holders have their bonus rates 
guaranteed for the nest five 
years on 1978 scales. The staff 
and agents of Standard Life are 
guaranteed employment for two 
years, subject to satisfactory 
performance. 

Tbe transfer of CS1.5bn assets 
is sufficient to cover the existing 
liabilities together with the 
bonus guarantees. This will leave 
C$200m.of surplus assets which 
Standard Life is retaining for 
its UK and Republic of Ireland 
policyholders. Mr. Donald said 
•this represented a reasonable 
return on the CSoOm the com- 
pany invested in Canada 20 
years ago. He reaffirmed that the 
company was still growing and 
added that there were excellent 
. opportunities for expansion in 
the UK. 

Mr. Sydney Jackson, president 
of Manufacturers Life, described 
the deal as an ideal means for 
bis company -to expand in 
Canada. Its organisation in 
Quebec was almost completely 
Francophone and the company 
fully complied with the language 
legislation. But he warned that 
the desired level of integration 
of the two operations would take 
at least five years. 


French air controllers 
step up disruption 

BY MICHAEL DONNE, IN LONDON, AND ROBERT MAUTHNHL IN PARIS 


A MAJOR disruption of air 
services throughout Europe seems 
certain this weekend, following a 
decision in Paris yesterday by all 
French air traffic controllers to 
work to rule nation-wide from 
Friday in support of a claim for 
better pay and conditions. 

The long delays and disrup- 
tions to flights In the past two 
weekends, stemming from the 
work-to-rule by the controllers 
in the Bordeaux “flight informa- 
tion region.” through which air- 
craft pass to and from Spain, 
North Africa and the Western 
Mediterranean, will become worse 
as they will now be joined by 
controllers in the Paris, Brest, 
and Aix-en-Provence (Marseilles) 
regions, covering the whole of 
France. 

This means that not only flights 
to and from Paris but also those 
passing across Northern France 
to and from Central Europe, the 
Eastern Mediterranean, the 
Middle East and beyond will be 


affected. Flights passing from 
cities in Northern Europe, such 
as West Germany, to the Mediter- 
ranean will be nit, too. 

With more than 2,000 flights 
scheduled for this weekend Into 
and out of the UK alone, long 
delays are likely as the French 
controllers limit the number of 
flights they permit per hour 
through their air-space. 

Last weekend, up to 16 flights 
an hour were being allowed 
through Bordeaux airspace. The 
previous weekend, only four 
flights an hour were permitted. 
There is no indication of the 
numbers likely to be allowed this 
weekend, but tbe fact that Bor- 
deaux is being joined by Paris, 
Brest and Marseilles means that 
tbe effects will be worse. 

Tbe work-to-rule is to begin at 
05.00 GMT on Friday and will 
continue until Monday morning. 
Tbe controllers will meet again 
in Paris next week to decide 
whether to repeat their action. 


There is little tbe UK Civil 
Aviation Authority, airlines or 
holiday organisers can do to help 
passengers. Last weekend, air- 
port authorities brought in extra 
catering and seating at airports 
to ease the strain for thousands 
of holidaymakers waiting for 
flights. 

Similar efforts will be made 
this weekend to make life more 
tolerable for those leaving the 
UK for European and Mediter- 
ranean destinations. Transatlan- 
tic flights, which are handled by 
the London, Scottish. Shannon 
and “Shanwick” Oceanic control 
regions, wilt not be. affected. Nor 
will UK internal flights. 

But airlines and tour 
organisers are stressing that pas- 
sengers should turn up for their 
flights as usual. just in case they 
are lucky enough to get a “slot” 
from the French controllers, 
enabling their aircraft to leave 
either on or near the scheduled 
time. 


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240 


220 

200 


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Britain put under pressure 
in fishing policy deadlock 


BY MARGARET VAN HATTEM 

WEST GERMANY has begun a 
campaign to push Britain into 
line with its eight EEC partners 
in the deadlocked negotiations 
for a common fisheries policy. 

Though internal Community 
policy was not on the agenda of 
the Council of Fisheries Mini- 
sters. there was little doubt over 
the aim of tbe German attempt 
to bring in majority voting, and 
push through measures over- 
riding British opposition. 

After the meeting, Herr Josef 
Ertl, the German Fisheries 
Minister who was acting for the 
first time as council president, 
said if Britain continued to block 
“fundamental decisions in 
fisheries policy,” the matter 
should be referred to heads of 
EEC governments due to meet in 
December. 

“If the President of tfie Com- 
mission (Mr. Roy Jenkins) wants 
to go to member governments 
on this issue, he will have my 
entire support” he added. “It 
is time for a political derision.” 


The question of majority 
voting, which dominated this 
week's meeting, is provided for 
in article 43 of the Treaty oF 
Rome. The matter did not in 
fact come to a head since Britain 
consented to eight regulations 
pushed through today. On the 
issue Britain was not prepared 
to give way on — the question of 
formal fishing agreements with 
third countries — Mr. John Silkln, 
Agriculture Minister, said it was 
a matter of "vital national 
interest" and received the 
reluctant backing of France. 

This deprived lhe Council of 
the qualified majority needed to 
proceed with the vote, which has 
been postponed until the next 
Council meeting in September. 

Though Mr. Silkin managed to 
slip through the legal nets laid 
by Herr Ertl, avoiding the issue 
of majority voting, he had to 
assent to a vote being taken on 
certain subsidiary measures 
included In the Commission's 
proposals for a common policy. 
Until this week he had insisted 


BRUSSELS, July 25, 

that none could be decided out- 
side tbe context of the fisheries 
policy as a whole. 

Though none of the measures 
agreed this week is major — they 
include relatively small alloca- 
tions of EEC funds for policing 
Irish and Danish waters and for 
the extension of temporary 
arrangements with third coun- 
tries — the Germans and other 
delegations regard this as an 
important step towards breaking 
down the British position. 

But since Community institu- 
tions go into recess during 
August and the next Council 
meeting is scheduled for late 
September, Britain bas two 
months’ breathing space. 

The UK also appears to have 
escaped censure— at least tempo- 
rarily-HOver the unilateral con- 
servation measures announced 
last month, including a ban on 
herring fishing off most of the 
west coast of Scotland and an 
extension of the Norway pout-box 
area, where industrial fishing is 
now banned. 


NatWest margins eroded 


BY CHRISTINE MOIR 

AN INCREASE in volume, 
largely outside tbe domestic 
banking field, and a technical 
reduction in provisions against 
bad debts, enabled National 
Westminster Bank to offset 
increased costs and eroded mar- 
gins In the first six months of the 
year. 

Yesterday, the bank announced 
pre-tax profits of £108.6m, which 
were within a whisker of the 
figures for the comparable period 
last year though they repre- 
sented an S per cent drop from 
the second half. 

Last week, Lloyds Bank 
reported figures reflecting a 15 
per cent drop from the first six 
months of last year. 

The Stock Marker at first wel- 
comed National Westminster's 
news but by the end- of the day 


the share price had slid back to 
273p, a net 5p fall on tbe day. 

The pre-tax figures included a 
£15m credit related to pro- 
visions against bad debts. Mr. 
Robert Leigh-Pemberton, the 
chairman, explained that this 
arose because the level of actual 
provisions needed was less than 
the total allowed for, based on 
a five-year rolling average 
formula. 

He emphasised that tbe £15m 
related to the improved position 
regarding provisions this year. 

The group bad no worries over 
its shipping loans and its 
property loan portfolio was also 
reducing steadily, be said. 

Trading profits were £90m 
compared with £98m for tbe 
period to June 1877. Although 
profits from international and 


banking-related business had 
been satisfactory, average base 
rates iu the home market bad 
declined by about a third 
between the two periods, and 
margins had been eroded from 
3.98 per cent to 3.41 per cent. 

The chairman now hoped, how- 
ever, that margins had bottomed 
out. 

Although lending to UK manu- 
facturing companies had begun 
to increase slightly, actual utili- 
sation by companies of their loan 
facilities was still at - a 
“disappointingly low level.” 

Mr. Leigh-Pemberton would 
not predict profits for the year 
although be expected a “modest 
benefit" from the increases in 
banking charges which have 
applied since the beginning of 
the month. 


$ again 
falls 
against 
yen 

By Peter Riddell. 

Economics Correspondent 

THE DOLLAR again fell 
sharply against the Japanese 
yen yesterday but recovered 
some of the ground lost on 
Monday against European 
currencies. 

The main weakness was again 
at the start In Tokyo. Tbe dollar 
slipped to a new low of Y195.30 
herore closing at Y195.52; for 
a fall on the day of nearly Y3.5. 
Trading was heavy as dealers 
reported concern ahead of the 
U-S. trade figures, due today. 

The dollar was somewhat 
stronger when European mar- 
kets opened, although, it eased 
again in New York tending 
following speculation about the 
OECD report on the U.S. 
economy. 

The U£. currency rose to 
2.0550 against the D-mark 
before closing at DM2.0465, 
only fractionally higher than 
on Monday. 

These fluctuations were 
reflected in the bullion market 
where the gold price at one 
stage fell to SI93i before pick- 
ing up in response to the late 
weakness of the dollar to close 
$2 down on the day at $1941. 

Sterling, which had been 
particularly strong on Monday, 
eased slightly yesterday to 
finish 10 points down at 
SI .9265, after a high of $1.9350. 
The trade-weighted index 
closed Off down at 62.8. 

The recent strong perform- 
ance of sterling is continuing 
to boost gilt-edged prices and 
there were increases of I in 
long-dated stock. The authori- 
ties activated the near-medium 
tap. Exchequer 10 per cent. 
1983. and the market inter- 
preted this as an indication of 
a desire to restrain prices for 
the moment 

Consequently speculation 
about a possible cut in 
Minimum Lending Rate this 
week has died down. 

A new long tap stock to 
replace the one exhausted on 
Monday Is expected to be 
announced on Friday. 


the lex column 

NatWest’s profits 
mark time 


’()• 

to 


f. 


National Westminster's 
interim pre-tax profits of 
£l08.6m are virtually unchanged 
from last year which, when set 
against a 15 per cent decline at 
Lloyds Bank, looks a reasonable 
outturn. However, the profits 
have been struck after crediting 
a £l5m reduction in provision 
against advances. The bank is 
at pains to point out that this 
extra £15m was “earned during 
the half year" and not clawed 
back from a fund accumulated 
earlier. But still tbe suspicion 
persists that this figure is influ- 
enced by an element of bad debt 
recovery and until the banks 
start to disclose movements in 
their bad debt provisions this 
uncertainty will continue. As it 
is further reductions in provi- 
sions against advances will 
probably continue to appear for 
another 18 months. 

The overall experience does 
not see into have differed very 
much from Lloyds'. The balance 
sheet grew by 10-15 per cent and 
the proportion of total profits 
coming from the international 
side increased, as did the 
amount coming from related 
banking services. A £6.6m jump 
in the profits from Lombard 
North Central obviously helped 
the latter. Meanwhile, domestic 
banking profits, which normally 
account for around 60 per cent 
of the total, fell. 

In the current half year, Nat- 
West will benefit from markedly 
higher net interest revenues 
and increased bank charges will 
also have a "modest" positive 
impact so profits should top last 
year's £227.6ra. However, the 
big uncertainty remains the 
international side which by the 
year end could account for 
maybe 45 per cent of the loan 
portfolio. So far NatWest has 
heen able to offset the impact 
of declining margins by Increas- 
ing its international lending 
volume, but there is a limit to 
how long this can continue. At 
273p the shares yield just over 
6 per cent. 

Standard Life 

For a mutual life assurance 
company, especially, a canny 
Scottish institution, profitability' 
is far more important than size. 
This is the simple explanation 
of why Standard Life is propos- 
ing to withdraw from Canada — 
a move which involves handing 
over assets of $libn, or a third 
of its balance sheet total, to a 
domestic company. 

Whereas Standard's life and 


Index rose 1.5 to 485.4 


120f 


wfllQML WECTMNS ra BMK 

rXM- — 


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60 
40 ■ 
20 - 



pension business is split roughly 
50:50 in the UK, the propor- 
tions in Canada are nearer 
20:80, The life side is small, 
expensive and tricky to expand: 
the pension side produces low 
margin business which requires 
high capital backing to make It 
secure. In addition to a lopsided 
portfolio. Standard has had to 
cope with a Idi more Govern- 
ment intervention in the insur- 
ance business in Canada than it 
docs in the UK. and the politics 
of Quebec have also played a 
part in its decision. The pro- 
vince accounts for about a fifth 
of its business in Canada, and 
its headquarters are in 
Montreal. 

Alter transferring its liabili- 
ties and their matching assets to 
Manufacturers Life Insurance 
Company, Standard will be left 
with net assets of perhaps 
5200m to $250nu This it regards 
as a legitimate reward for its 
UK policyholders lor their 
investment over the years. If 
only proprietary companies 
(and not just in the insurance 
sector) were subject to this kind 
of discipline. 

Taylor Woodrow 

Behind the figures lies some 
depressing news about condi- 
tions in the international con- 
tracting business. New orders 
remain very difficult to come by 
in the UK, while the picture In 
overseas markets .(particularly 
the Middle East) is . one of 
increasing competitiveness and 
fewer jumbo orders. So . the 
group's overall order book has 
probably fallen further to 
around £500ro. 

The particular problem facing 
Taylor Woodrow is to find suffi- 
cient work- over the next year 
or so to replace the contracts 
for the Dubai diy dock (value 


£22om piusj 

(value £130ra plUih~-ljQtk 

which should A. 

the end of 1979.:''. . AtiMpemi J * 
Taylor Woodrow ’tt® ioaia & 
the Middle East 
for much of thla.i^cement 
work. But it wtii also be putting 
a lot of effort into IT.S. expan- 
sion. where it sees opportunities 
in bath the hou$ebuildfng add 
coal mining areas, -y 
More immediately, the good 
news is that ali seem* to bt 
going well on the two bit 
middle east contracts ant 
profits— which Taylor Woodrov 
soys it has only nibbled at « 
far— should balloon in 1979 
Guesses for the cmrent yearan 
for pre-tax profits of bctweei 
£24 and £26m a yalngf £22,4n 
lor 1977. with maybe £30m nex 
year. But for now the share 
do not look cheap oh a prospcc 
uve fully taxed p/e of around 
S. and the 3 per cent yield. 

Davy Int. 

Davy International^ profit 
are £&6m higher at £25-4m- 
and they might have beat 
roughly £2m higher still i 
recent acquisitions hadmatchei 
initial hopes. But Head WrighJ 
son has hit trouble with it 
foundries, which knocked up , 
loss of £3431)00, and Herber 
Morris has also been a bit belot; ; ■ 
par. The market was dU 
appointed, and the shares fel 
Sp to 262p on the day. 

Excluding the acquisition; 
profits are £2.Sm higher a 
£21m. Germany has been a wea 
spot, with losses arising o. 
Zimmer's synthetic - fibre tcct- 
nulogy and one or two gap 
appearing in tbe workload cist : 
where. Overall, Davy iia 
maintained its order book a 
around £lffbn, and says that th 
sluggish world economy is no 
forcing it Towards fixed pric 
jobs, or making customers les 
willing to commit cash h 
advance. The balance shcr 
remains highly liquid, an 
shareholders' funds tngetho. 
with deferred tax have risen b 
more than a third to £82tn. 

However the period o 
explosive profits growth seem 
to be over. A couple of vet 
large contracts may start t 
make their mark on profits tbi 
year, and Head Wrightson- 
foundries apart — should b 
doing progressively better. Bit- . 
the somewhat hesitant tone o 
the chairman’s - statement i 
reflected in the share prict 
with a yield of BJ per cent an- 
fully taxed p/e of about 7£. 



Leyland corruption trivial— Ryder 


FINANCIAL TIMES REPORTER 

CASES of corrupt payments at 
British Leyland were found by 
Lord Ryder, former chairman oF 
the National Enterprise Board, 
when he investigated claims that 
the company operated a "slush 
fund." he told a London court 
yesterday. 

However, they were few in 
number and trivial. He dis- 
covered no evidence to uphold 
the allegation that millions of 
pounds were being paid in 
bribes. 

Lord Ryder, who prepared a 
report for the Government after 
allegations of bribery by British 
Leyland were made in the Daily 
Mail, had told the Old Bailey 
jury at an earlier stage in the 
trial that no “slush fund” was 
operated. 

Recalled to the witness box 
yesterday, he said: “I sense the 
suggestion that this investigation 
was not thorough. I think this 
report makes it abundantly clear 
that we went to extremes of nit- 
picking." 

He stressed lhat in preparing 
the report he had been unable 
to find evidence To substantiate 
the allegation of " mythical 
millions of pounds ” being paid 
in bribes. 

However, it was recommended 
that some minor items required 
further investigation. There 
were four or five, all compara- 
tively trivial, which he had not 
been able to trace “right down 
to the bottom.” 

Mr. William Howard, QC, 
defending, asked: “ You told this 
jury: * We found no evidence of 
corrupt practices.’ Do you 
adhere to that answer or do you 
wish to change it ? " 

Lord Ryder replied: "We 
found no cases of corrupt prac- 


tices in that report" He added: 
*■ Leyland wrote to us informing 
us that the cases we had asked 
them to investigate further, 
these comparatively trivial cases, 
in the terms that we defined as 
being corrupt payments, were 
so.” 

Mr. Graham Barton, a 34-year- 
nld former British Leyland 
financial executive, and his wife 
Fatima. 32, of Hounslow. Middle- 
sex. deny between them a total 
of five charges. 

These arise from the alleged 
forging of copies of two letters 
to British Leyland— one purport- 
ing to be from Lord Ryder and 
the other from the Bank of 
England— and use of the docu- 
ments to obtain £15,000 from the 


Daily Mail. 

Mr. Howard asked Lord Ryder 
what he, as a businessman, under- 
stood corrupt payments to be. 

Lord Ryder replied: “ If an 
agent or representative says he 
cannot operate on a 7J per cent 
discount and needs 10 per cent 
and the company agrees that 
would be fair." 

It would be different if he 
wanted 24 per cent extra “to 
grease the palm of a government 
official." The company would be 
engaged in corrupt practices if 
it knowingly supplied the agent 
with money to do such a thing. 

Mr. Howard: “You did not 
investigate commission payments 
to people who were not public 
servants o rbolders of public 


office?" 

Lord Ryder:’ “We tried to 
establish that all commission pay- 
ments were to accredited agents, 
representatives of people entitled 
to them, and British Leyland 
gave us every cooperation.” 

Referring to the letter which 
is the subject of the trial, Lord 
Ryder said that there was not a 
word of truth in iL 

At no time under any circum- 
stance had he written, caused it 
to be written or suggested that 
such a letter be written. 

Lord Ryder agreed that he 
had been investigating the truth 
or otherwise of allegations made 
In the Daily Mail. 

The trial was adjourned until 
today when Lord Ryder will 
continue his evidence. 


Continued from Page 1 

Banking Bill 


to 75 per cent of the first £10,000 
of any deposit.- — 

The Government has limited 
the compensation offered in 
order to retain an incentive for 
depositors to exercise prudence 
in investing their money. 

The Government is hoping that 
it will be possible to bring the 
new legislation, which follows 
the outline White Paper pub- 
lished nearly two years ago, 
forward during the next Parlia- 
mentary session. This, however, 
is clearly subject to the avail- 
ability of time as well as to the 
likelihood of a general election. 

Under the licensing provisions 
it is thought that about 600 to 
700 institutions may come under 
the Bank's supervision. Building 


societies are excepted, from . the 
rules although further discus- 
sions are being held about the 
arrangements needed to bring 
them within the Common Market 
regulations. 

The Bill sets up a two-tier 
structure. Recognised banks 
would be exempted from the 
licensing provisoes and allowed 
to the name “bank.” Other 
institutions, of which It Is 
thought there could be about 
200 to 300, would require licences 
from the Bank. Decisions by the 
Bank would be subject to appeal. 

The Government has invited 
comments on the proposals, and 
it is likely that the banks and 
finance bouses will continue to 
pursue their particular argu- 
ments. 


FT Share 

Information 

Service 

RECENT ~ 'Company - dividend 
announcements have been 
based on the tax rate amended 
-to 33 per cent In the latest 
Finance Bill. 

For purposes of comparison, 
these dividends have been 
grossed up at the previous 34 
per cent rat* of tax in the FT 
Share Information Service. 

From today, all net dividends of 
UK companies in the service 
have been adjusted to the 
current tax rate to maintain 
conformity. 

Gross dividends and yields are 
unaffected except for prefer- 
ence shares. Net payments in 
these cases have been grossed 
up at the new rate before cal- 
culating the yields. 


UK TODAY 

SHOWERS, sunny intervals. 
London, SE England, East Anglia 
Rain or drizzle. Max. 21C 
(70F). 

Cent. S„ E., Cent N. and 
N. England. Midlands E. and W., 
Channel Islands, Borders, 
Edinburgh, Dundee, Aberdeen 
Rain, heavy at times. Max. 20C 
(68F): 

S.W. and N.W. England, 

S. and N. Wales. Lake District 
Rain at first. Max. 18C f64F) 
Isle of Man. S.W. Scotland, 
Glasgow, N. Ireland 
Sunny intervals. Max. 18C 
(64F>. 

Highlands, Moray Firth, 

N.E. and NAY. Scotland. Argyll, 
Orkney, Shetland 
Mainly cloudy. Max. 15C (59F). 
Outlook: Further rain. 


M C ALPINE AVIATION’S 

Big Fleet Means Business 

Welcome aboard. This is one of the magnificent 

lit- t • ; — - rap a a a„. 


B US IN ESS CENTRES 


Y’day . 
mid-d ay ! 


Y’day 

mid-day 




*c 

*F 


•c 

•F 

Atnalerdm. S 

IO 

68 

Lnxembrg 

F 

71 

Athens 

s 

28 

82 

Madrid 

s nr. 

91 

Bahrain 

s 

37 

9B 

llancheetr 

F 17 

K 

Barcelona 

s 

27 

81 

Melbourne 

c to 

M 

Beirut 

s 

29 

M 

Milan 

F 27 

81 

Belfast 

c 

la 

551 

Montreal- 

S 25 

77 

Belsrade 

Y 

23 

13 

Moscow 

R 14 

57 

Berlin 

F 

24 

73 

Munich 

S 24 


BirmgJim. 

K 

19 

iw 

Neu-casile 

C 17 

S3 

Brisml 

C 

IS 

06 

.\>W York 

C 21 

73 

Brussels 

F 

20 

6S 

Oslo 

C 19 

66 

Budapest 

F 

24 

la 

Parts 

F 23 

71 

B. Aires 

C 

15 

59; Perth 

F 12 

54 

Cairo 

S 

35 

94 

Praame 

F 25 

77 

Cardiff 

u 

17 

G3 Reykjavik 

C 13 


Chicago 

s 

24 


Rio d* J’O 

S 31 

«S 

Cologne 

c 

21 

19! Rome 

5 23 


Copnhagn. 

c 

17 

82; Singapore 

S .10 

S6 

Dublin 

R 

14 

57! Sun-Khilra 

C 21 

7(1 

Edinbrsh. 

c 

17 

63 

Sirasbre. 

V 16 

79 

Frankfurt 

t: 

25 

771 Sydney 

K 11 

59 

Geneva 

F 

23 

771 Tehran 

S .12 

90 

Glasgow 

c 

15 

59 

Tel AWv 

S 27 

81 

Helsinki 

F 

21 

70 Tokyo 

S 36 

98 

H. Korns 

C 

29 

9A 

Tor onto 

a in 

71 

JoTjura 

S 

2fl 

OS Vienna 

f .in 

SB 

Lisbon 

55 

2S 

52 

Warsaw 

K 2.* 

71 

London 

S 

21 

WZwich 

F 24 

73 

HOLIDAY RESORTS 



y’day 


Y’day 


mid-day 





■C 

-F 


4 C 

°F 

AJaetdo 

5! 


77 

Jersey 

S IS 

64 

Algiers 

S 

32 

W 

Las Pints. 

S 32 

90 

Blanlu 

F 

i!a 

77 

Locarno 

F 25 

77 

Blackpool 

e 

w 

64 

Majorca 

S 30 


Bordeaux 

F 

24 

75 

Malasa 

S 27 

SI 

Boulogne 

F 

1? 

83 

Malta 

S 28 

82 

Casablnca. 

S 

!!5 

77 

Nairahl 

C 2# 

88 

CapeTovr 

S 

17 

SI 


S 23 


Corfu 

s 

X 

s* 

Mn> 

S 24 


Dubrovnik 

s 

24 

73 

Oporto 

S 21 

m 

Faro 

s 

2d 

79 

Rhodes 

S 38 

82 

Florence 

s 

M 

sm satebnne 

S 24 

75 

Funchal 

F 

25 

77 

Tanaier 

S 34 

91 

Gibraltar 

S 

25 

TTlTcnorlfe 

S 32 


Guernsey 

r. 

in 

01 


S 37 


Innsbruck 

F 

Sfi 

79 




Inverness 

<: 

13 

SB 1 

Venice 

F 26 

79 

C — Cloudy. 

V- 

-Fair. 

R— Bain; 

5— Sunny 




Rvjtutirrrd si ihe Pwi oitire. Printed by Si.. Clement's p»b* for And mjMistttd 
Cr the J N flan oa l Tunas Lid., Bracken House. Cannon Street, -Condon, ECIP iBV, 
•» t V Q The Financial TUSM LUL, IKS 

* ‘ 


X, 


Af-
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Full text of "Financial Times , 1978, UK, English"

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